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3000012877502023-01-012023-09-300001287750Actfy Buyer, Inc., First lien senior secured loan2024-09-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP, First lien senior secured loan2024-09-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP, First lien senior secured loan 12024-09-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP, Limited partnership interest2024-09-300001287750arcc:ActivateHoldingsUSCorp.AndCrossPointCapitalASSPVLPMember2024-09-300001287750AI Titan Parent, Inc., First lien senior secured loan2024-09-300001287750Anaplan, Inc., First lien senior secured loan 12024-09-300001287750Anaplan, Inc., First lien senior secured loan 22024-09-300001287750arcc:AnaplanIncMember2024-09-300001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 12024-09-300001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 22024-09-300001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 32024-09-300001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, Limited partnership units2024-09-300001287750arcc:AnaquaParentHoldingsIncAstorgVIICoInvestAnaquaMember2024-09-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC, First lien senior secured loan2024-09-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC, Class A membership units2024-09-300001287750arcc:APGIntermediateHoldingsCorporationAndAPGHoldingsLLCMember2024-09-300001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., First lien senior secured loan2024-09-300001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., Series A preferred shares2024-09-300001287750arcc:ApprissHealthLLCAndApprissHealthIntermediateHoldingsIncMember2024-09-300001287750Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured loan2024-09-300001287750Artifact Bidco, Inc., First lien senior secured loan2024-09-300001287750Auctane, Inc., First lien senior secured loan2024-09-300001287750Avalara, Inc., First lien senior secured loan2024-09-300001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured revolving loan2024-09-300001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 12024-09-300001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 22024-09-300001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 32024-09-300001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 42024-09-300001287750Banyan Software Holdings, LLC and Banyan Software, LP, Preferred units2024-09-300001287750arcc:BanyanSoftwareHoldingsLLCAndBanyanSoftwareLPMember2024-09-300001287750BCTO Ignition Purchaser, Inc., First lien senior secured loan2024-09-300001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., First lien senior secured loan2024-09-300001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., Class A-1 units2024-09-300001287750arcc:BobcatPurchaserLLCAndBobcatTopcoLPMember2024-09-300001287750Borrower R365 Holdings LLC, First lien senior secured loan 12024-09-300001287750Borrower R365 Holdings LLC, First lien senior secured loan 22024-09-300001287750arcc:BorrowerR365HoldingsLLCMember2024-09-300001287750Bottomline Technologies, Inc. and Legal Spend Holdings, LLC, First lien senior secured loan 12024-09-300001287750Bottomline Technologies, Inc. and Legal Spend Holdings, LLC, First lien senior secured loan 22024-09-300001287750arcc:BottomlineTechnologiesIncAndLegalSpendHoldingsLLCMember2024-09-300001287750Businessolver.com, Inc., First lien senior secured loan2024-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., First lien senior secured loan2024-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Second lien senior secured loan2024-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A preferred shares2024-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-2 preferred shares2024-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-3 preferred shares2024-09-300001287750arcc:CardinalParentIncAndPackersSoftwareIntermediateHoldingsIncMember2024-09-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured revolving loan2024-09-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured loan2024-09-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., Series A preferred stock2024-09-300001287750arcc:CentralsquareTechnologiesLLCAndSupermooseNewcoInc.Member2024-09-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured notes2024-09-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured loan 2024-09-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured loan 12024-09-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Second lien senior secured notes2024-09-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Limited partnership interests2024-09-300001287750arcc:CloudSoftwareGroupIncPicardParentIncCloudSoftwareGroupHoldingsIncPicardHoldCoLLCAndElliottAltoCoInvestorAggregatorLPMember2024-09-300001287750Community Brands ParentCo, LLC, Class A units2024-09-300001287750Computer Services, Inc., First lien senior secured loan 12024-09-300001287750Computer Services, Inc., First lien senior secured loan 32024-09-300001287750Computer Services, Inc., First lien senior secured loan 22024-09-300001287750arcc:ComputerServicesInc.Member2024-09-300001287750Conservice Midco, LLC., Second lien senior secured notes2024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 2024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 12024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 22024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan2024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 12024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 22024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 32024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 42024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Common units2024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Series A common units2024-09-300001287750arcc:ConsilioMidcoLimitedCompusoftUSLLCAndConsilioInvestmentHoldingsLPMember2024-09-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Second lien senior secured loan2024-09-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Limited partnership units2024-09-300001287750arcc:CoreLogicIncAndTVIIICelestialCoInvestLPMember2024-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 12024-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 22024-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 32024-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 42024-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 52024-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Preferred equity2024-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Common equity2024-09-300001287750arcc:CoritySoftwareIncCoritySoftwareUSAIncAndCorityParentIncMember2024-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured revolving loan2024-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured loan2024-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Second lien senior secured loan2024-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Series A preferred shares2024-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Class A-1 common stock2024-09-300001287750arcc:CornerstoneOnDemandIncAndSunshineSoftwareHoldingsIncMember2024-09-300001287750Coupa Holdings, LLC and Coupa Software Incorporated, First lien senior secured loan2024-09-300001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured loan 12024-09-300001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured loan 22024-09-300001287750arcc:DatixBidcoLimitedAndRLDatixHoldingsUSAIncMember2024-09-300001287750Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Second lien senior secured loan2024-09-300001287750Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A preferred shares2024-09-300001287750Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A units2024-09-300001287750arcc:DcertBuyerIncDCertPreferredHoldingsIncAndDestinyDigitalHoldingsLPMember2024-09-300001287750Denali Holdco LLC and Denali Apexco LP, First lien senior secured loan 22024-09-300001287750Denali Holdco LLC and Denali Apexco LP, Class A units2024-09-300001287750arcc:DenaliHoldcoLLCAndDenaliApexcoLPMember2024-09-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan2024-09-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc., Preferred stock2024-09-300001287750arcc:DiligentCorporationAndDiligentPreferredIssuerIncMember2024-09-300001287750DriveCentric Holdings, LLC., First lien senior secured loan2024-09-300001287750Echo Purchaser, Inc., First lien senior secured revolving loan2024-09-300001287750Echo Purchaser, Inc., First lien senior secured loan2024-09-300001287750arcc:EchoPurchaserIncMember2024-09-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., First lien senior secured loan2024-09-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Preferred units2024-09-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Class A common units2024-09-300001287750arcc:EclipseTopcoInc.EclipseInvestorParentL.P.AndEclipseBuyerInc.Member2024-09-300001287750Edmunds Govtech, Inc., First lien senior secured revolving loan2024-09-300001287750Edmunds Govtech, Inc., First lien senior secured loan2024-09-300001287750arcc:EdmundsGovtechIncMember2024-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured revolving loan2024-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 12024-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 22024-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 32024-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., Preferred equity2024-09-300001287750arcc:ElemicaParentIncEZElemicaHoldingsIncMember2024-09-300001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., First lien senior secured revolving loan2024-09-300001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., First lien senior secured loan2024-09-300001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., Preferred stock2024-09-300001287750arcc:EnverusHoldingsIncAndTitanDIPreferredHoldingsIncMember2024-09-300001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., First lien senior secured loan2024-09-300001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Second lien senior secured loan2024-09-300001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Partnership units2024-09-300001287750arcc:EPPurchaserLLCAndTPGVIIIEPCoInvestIILPMember2024-09-300001287750EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 12024-09-300001287750EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 22024-09-300001287750EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 32024-09-300001287750arcc:EpiServerIncAndEpiserverSwedenHoldingsABMember2024-09-300001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, First lien senior secured revolving loan 12024-09-300001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, First lien senior secured loan2024-09-300001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 12024-09-300001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 32024-09-300001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Limited partnership interest2024-09-300001287750arcc:EResearchTechnologyIncAndAstorgVIICoInvestERTMember2024-09-300001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured revolving loan 12024-09-300001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured loan2024-09-300001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., Limited partner interests2024-09-300001287750arcc:ESHAResearchLLCAndRMCFVICIVXLVIIILPMember2024-09-300001287750Extrahop Networks, Inc., First lien senior secured loan 12024-09-300001287750Extrahop Networks, Inc., First lien senior secured loan 22024-09-300001287750arcc:ExtraHopNetworksIncMember2024-09-300001287750Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L., First lien senior secured loan2024-09-300001287750Forescout Technologies, Inc., First lien senior secured loan2024-09-300001287750GI Ranger Intermediate LLC, First lien senior secured loan 12024-09-300001287750GI Ranger Intermediate LLC, First lien senior secured loan 22024-09-300001287750arcc:GIRangerIntermediateLLCMember2024-09-300001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan2024-09-300001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Senior subordinated loan2024-09-300001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Preferred units2024-09-300001287750arcc:GraphPADSoftwareLLCInsightfulScienceIntermediateILLCAndInsightfulScienceHoldingsLLCMember2024-09-300001287750Guidepoint Security Holdings, LLC, First lien senior secured loan2024-09-300001287750Heavy Construction Systems Specialists, LLC, First lien senior secured loan 12024-09-300001287750Heavy Construction Systems Specialists, LLC, First lien senior secured loan 22024-09-300001287750arcc:HeavyConstructionSystemsSpecialistsLLCMember2024-09-300001287750Help/Systems Holdings, Inc., First lien senior secured revolving loan 12024-09-300001287750Help/Systems Holdings, Inc.., First lien senior secured revolving loan 22024-09-300001287750arcc:HelpSystemsHoldingsInc.Member2024-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured revolving loan2024-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured loan2024-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Senior subordinated loan2024-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Company units2024-09-300001287750arcc:HuskiesParentIncGIInsurityParentLLCAndGIInsurityTopcoLPMember2024-09-300001287750Hyland Software, Inc., First lien senior secured revolving loan2024-09-300001287750Hyland Software, Inc., First lien senior secured loan2024-09-300001287750arcc:HylandSoftwareInc.Member2024-09-300001287750Icefall Parent, Inc., First lien senior secured loan2024-09-300001287750Inmar, Inc., First lien senior secured loan2024-09-300001287750Internet Truckstop Group LLC, First lien senior secured loan2024-09-300001287750IQN Holding Corp., First lien senior secured revolving loan2024-09-300001287750IQN Holding Corp., First lien senior secured loan2024-09-300001287750arcc:IQNHoldingCorp.Member2024-09-300001287750IV Rollover Holdings, LLC, Class B units2024-09-300001287750IV Rollover Holdings, LLC, Class X units2024-09-300001287750arcc:IVRolloverHoldingsLLCMember2024-09-300001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured revolving loan2024-09-300001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured loan2024-09-300001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., Preferred stock2024-09-300001287750arcc:KaseyaIncAndKnockoutIntermediateHoldingsIIncMember2024-09-300001287750LeanTaaS Holdings, Inc., First lien senior secured loan2024-09-300001287750LeanTaaS Holdings, Inc., First lien senior secured loan 22024-09-300001287750arcc:LeanTaaSHoldingsInc.Member2024-09-300001287750Majesco and Magic Topco, L.P., First lien senior secured loan2024-09-300001287750Majesco and Magic Topco, L.P., Class A units2024-09-300001287750Majesco and Magic Topco, L.P., Class B units2024-09-300001287750arcc:MajescoAndMagicTopcoLPMember2024-09-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 12024-09-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 22024-09-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 32024-09-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, Limited partnership interest2024-09-300001287750arcc:MimecastBorrowercoIncAndMagnesiumCoInvestSCSpMember2024-09-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured loan2024-09-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., Limited partner interests2024-09-300001287750arcc:MinistryBrandsHoldingsLLCAndRCPMBInvestmentsBLPMember2024-09-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured revolving loan2024-09-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured loan2024-09-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, Class A units2024-09-300001287750arcc:MoonrakerAcquisitionCoLLCAndMoonrakerHoldCoLLCMember2024-09-300001287750MRI Software LLC, First lien senior secured loan 12024-09-300001287750MRI Software LLC, First lien senior secured loan 22024-09-300001287750MRI Software LLC, First lien senior secured loan 32024-09-300001287750arcc:MRISoftwareLLCMember2024-09-300001287750Netsmart, Inc. and Netsmart Technologies, Inc., First lien senior secured loan2024-09-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured revolving loan2024-09-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 12024-09-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 22024-09-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 32024-09-300001287750arcc:NorthStarAcquisitioncoLLCAndToucanBidcoLimitedMember2024-09-300001287750OpenMarket Inc., First lien senior secured loan2024-09-300001287750PDDS HoldCo, Inc., First lien senior secured revolving loan2024-09-300001287750PDDS HoldCo, Inc., First lien senior secured loan2024-09-300001287750arcc:PDDSHoldCoIncMember2024-09-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured loan 12024-09-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Series A preferred stock2024-09-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Class A units2024-09-300001287750arcc:PDITAHoldingsIncPeachtreeParentIncAndInsightPDIHoldingsLLCMember2024-09-300001287750Petvisor Holdings, LLC, First lien senior secured loan 12024-09-300001287750Petvisor Holdings, LLC, First lien senior secured loan 22024-09-300001287750Petvisor Holdings, LLC, First lien senior secured loan 32024-09-300001287750arcc:PetvisorHoldingsLLCMember2024-09-300001287750Ping Identity Holding Corp., First lien senior secured loan2024-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC., First lien senior secured loan2024-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC., First lien senior secured loan 12024-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC., Common units2024-09-300001287750arcc:PluralsightLLCAndPluralsightHoldingsLLCAndParadigmaticHoldcoLLCMember2024-09-300001287750Poplicus Incorporated, Warrant to purchase shares of Series C preferred stock2024-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured revolving loan2024-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured loan2024-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Senior subordinated loan2024-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Class A units2024-09-300001287750arcc:PracticeTekPurchaserLLCPracticeTekMidCoLLCAndGSVPracticeTekHoldingsLLCMember2024-09-300001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., First lien senior secured revolving loan2024-09-300001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., First lien senior secured loan 12024-09-300001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., First lien senior secured loan 22024-09-300001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., Limited partnership units2024-09-300001287750arcc:ProfitSolvPurchaserIncAndPSCoInvestLPMember2024-09-300001287750Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class A common stock2024-09-300001287750Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class B common stock2024-09-300001287750arcc:ProjectAlphaIntermediateHoldingIncAndQlikParentIncMember2024-09-300001287750Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., First lien senior secured loan2024-09-300001287750Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., Preferred shares2024-09-300001287750arcc:ProjectEssentialBidcoIncAndProjectEssentialSuperParentIncMember2024-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 12024-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 22024-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 32024-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 42024-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., Class B units2024-09-300001287750arcc:ProjectPotterBuyerLLCAndProjectPotterParentLPMember2024-09-300001287750Proofpoint, Inc., First lien senior secured loan2024-09-300001287750QF Holdings, Inc., First lien senior secured revolving loan2024-09-300001287750QF Holdings, Inc., First lien senior secured loan 12024-09-300001287750QF Holdings, Inc., First lien senior secured loan 22024-09-300001287750QF Holdings, Inc., First lien senior secured loan 32024-09-300001287750QF Holdings, Inc., First lien senior secured loan 42024-09-300001287750arcc:QFHoldingsIncMember2024-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 12024-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 22024-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 32024-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, Class A common units2024-09-300001287750arcc:RaptorTechnologiesLLCSycamoreBidcoLTDAndRocketParentLLCMember2024-09-300001287750RealPage, Inc., Second lien senior secured loan2024-09-300001287750Regent Education, Inc., Warrant to purchase shares of common stock2024-09-300001287750Relativity ODA LLC, First lien senior secured loan2024-09-300001287750Revalize, Inc., First lien senior secured revolving loan2024-09-300001287750Revalize, Inc., First lien senior secured loan2024-09-300001287750arcc:RevalizeIncMember2024-09-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 12024-09-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 22024-09-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., Class A common stock2024-09-300001287750arcc:RMSHoldcoIILLCRMSGroupHoldingsIncMember2024-09-300001287750Sapphire Software Buyer, Inc., First lien senior secured loan 2024-09-300001287750Severin Acquisition, LLC., First lien senior secured loan2024-09-300001287750Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured loan2024-09-300001287750Smarsh Inc. and Skywalker TopCo, LLC, Common units2024-09-300001287750arcc:SmarshIncAndSkywalkerTopCoLLCMember2024-09-300001287750SocialFlow, Inc., Warrant to purchase shares of Series C preferred stock2024-09-300001287750Sophia, L.P., Second lien senior secured loan2024-09-300001287750SoundCloud Limited, Common stock2024-09-300001287750Spark Purchaser, Inc., First lien senior secured loan2024-09-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 12024-09-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 22024-09-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, Limited partner interests2024-09-300001287750arcc:SpiritRRHoldingsIncAndWinterfellCoInvestSCSpMember2024-09-300001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 12024-09-300001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 22024-09-300001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Limited partnership interests2024-09-300001287750arcc:StorableIncAndEQTIXCoInvestmentESCSPMember2024-09-300001287750Sundance Group Holdings, Inc., First lien senior secured revolving loan2024-09-300001287750Sundance Group Holdings, Inc., First lien senior secured loan 12024-09-300001287750arcc:SundanceGroupHoldingsIncMember2024-09-300001287750Superman Holdings, LLC., First lien senior secured loan2024-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 12024-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 32024-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 52024-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., Class A-2 units2024-09-300001287750arcc:TamarackIntermediateLLCAndTamarackParentLLCMember2024-09-300001287750TCP Hawker Intermediate LLC, First lien senior secured loan 12024-09-300001287750TCP Hawker Intermediate LLC, First lien senior secured loan 22024-09-300001287750TCP Hawker Intermediate LLC, First lien senior secured loan 32024-09-300001287750TCP Hawker Intermediate LLC, First lien senior secured loan 42024-09-300001287750arcc:TCPHawkerIntermediateLLCMember2024-09-300001287750Transit Technologies LLC., First lien senior secured loan2024-09-300001287750UKG Inc. and H&F Unite Partners, L.P., Limited partnership interests2024-09-300001287750UserZoom Technologies, Inc., First lien senior secured loan2024-09-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured loan2024-09-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., Partnership units2024-09-300001287750arcc:VictorsPurchaserLLCAndWPVictorsCoInvestmentL.P.Member2024-09-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., First lien senior secured revolving loan2024-09-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., First lien senior secured loan2024-09-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., Senior subordinated loan2024-09-300001287750arcc:WebPTIncMember2024-09-300001287750Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured revolving loan2024-09-300001287750Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured loan2024-09-300001287750Wellington Bidco Inc. and Wellington TopCo LP, Class A-2 preferred units2024-09-300001287750arcc:WellingtonBidcoInc.AndWellingtonTopCoLPMember2024-09-300001287750Wellness AcquisitionCo, Inc., First lien senior secured loan 12024-09-300001287750Wellness AcquisitionCo, Inc., First lien senior secured loan 22024-09-300001287750arcc:WellnessAcquisitionCoIncMember2024-09-300001287750WorkWave Intermediate II, LLC, First lien senior secured loan 12024-09-300001287750WorkWave Intermediate II, LLC, First lien senior secured loan 22024-09-300001287750WorkWave Intermediate II, LLC, First lien senior secured loan 32024-09-300001287750arcc:WorkWaveIntermediateIILLCMember2024-09-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, First lien senior secured loan2024-09-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Series A preferred stock2024-09-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Class A common units2024-09-300001287750arcc:ZenDeskIncZoroTopCoIncAndZoroTopCoLPMember2024-09-300001287750ZocDoc, Inc., First lien senior secured loan2024-09-300001287750arcc:SoftwareAndServicesMember2024-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 2024-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 12024-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured loan2024-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A preferred units2024-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A common units2024-09-300001287750arcc:AbsoluteDentalGroupLLCAndAbsoluteDentalEquityLLCMember2024-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, First lien senior secured loan2024-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Second lien senior secured loan2024-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Membership units2024-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Class A common units2024-09-300001287750arcc:ADGLLCGEDCEquityLLCAndRCIVGEDCInvestorLLCMember2024-09-300001287750Advarra Holdings, Inc., First lien senior secured loan2024-09-300001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Series A preferred shares2024-09-300001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Preferred units2024-09-300001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Class B common units2024-09-300001287750arcc:AHRFundingHoldingsIncAndAHRParentHoldingsLPMember2024-09-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Subordinated loan2024-09-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Class A units2024-09-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Class C units2024-09-300001287750arcc:AmerivetPartnersManagementIncAndAVEHoldingsLPMember2024-09-300001287750Artivion, Inc., First lien senior secured revolving loan2024-09-300001287750Artivion, Inc., First lien senior secured loan2024-09-300001287750arcc:ArtivionIncMember2024-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, First lien senior secured loan2024-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Series A preferred stock2024-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Class A units2024-09-300001287750arcc:AthenaHealthGroupIncMinervaHoldcoIncAndBCPECoInvestALPMember2024-09-300001287750Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured loan2024-09-300001287750BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP, First lien senior secured loan2024-09-300001287750Bambino Group Holdings, LLC, Class A preferred units2024-09-300001287750Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 12024-09-300001287750Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 22024-09-300001287750Center for Autism and Related Disorders, LLC, First lien senior secured loan2024-09-300001287750arcc:CenterForAutismAndRelatedDisordersLLCMember2024-09-300001287750Color Intermediate, LLC, First lien senior secured loan2024-09-300001287750Comprehensive EyeCare Partners, LLC, First lien senior secured revolving loan2024-09-300001287750Comprehensive EyeCare Partners, LLC, First lien senior secured loan2024-09-300001287750arcc:ComprehensiveEyeCarePartnersLLCMember2024-09-300001287750Convey Health Solutions, Inc., First lien senior secured loan 12024-09-300001287750Convey Health Solutions, Inc., First lien senior secured loan 22024-09-300001287750Convey Health Solutions, Inc., First lien senior secured loan 32024-09-300001287750arcc:ConveyHealthSolutionsIncMember2024-09-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, First lien senior secured loan2024-09-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Class A shares2024-09-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Common units2024-09-300001287750arcc:CrownCTParentIncCrownCTHoldCoIncAndCrownCTManagementLLCMember2024-09-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan2024-09-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Class A preferred units2024-09-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Common stock2024-09-300001287750arcc:CVPHoldcoIncAndOMERSWildcatsInvestmentHoldingsLLCMember2024-09-300001287750Empower Payments Investor, LLC, First lien senior secured loan2024-09-300001287750Evolent Health LLC and Evolent Health, Inc., Series A preferred shares2024-09-300001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Second lien senior secured loan2024-09-300001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Class A units2024-09-300001287750arcc:GHXUltimateParentCorporationCommerceParentIncAndCommerceTopcoLLCMember2024-09-300001287750Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan2024-09-300001287750Global Medical Response, Inc. and GMR Buyer Corp., Series B preferred shares2024-09-300001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 12024-09-300001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 22024-09-300001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrants to purchase shares of common stock2024-09-300001287750arcc:GlobalMedicalResponseIncAndGMRBuyerCorpMember2024-09-300001287750Hanger, Inc., First lien senior secured revolving loan2024-09-300001287750Hanger, Inc., First lien senior secured loan 12024-09-300001287750Hanger, Inc., First lien senior secured loan 22024-09-300001287750Hanger, Inc., Second lien senior secured loan 12024-09-300001287750Hanger, Inc., Second lien senior secured loan 22024-09-300001287750arcc:HangerIncMember2024-09-300001287750HealthEdge Software, Inc., First lien senior secured loan 12024-09-300001287750Honor Technology, Inc., Warrant to purchase shares of Series D-2 preferred stock2024-09-300001287750HuFriedy Group Acquisition LLC, First lien senior secured loan2024-09-300001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan 12024-09-300001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan 22024-09-300001287750arcc:KBHSAcquisitionLLCDbaAlitaCareLLCMember2024-09-300001287750Lifescan Global Corporation, First lien senior secured loan2024-09-300001287750Lifescan Global Corporation, Second lien senior secured loan2024-09-300001287750arcc:LifescanGlobalCorporationMember2024-09-300001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Preferred units2024-09-300001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Senior preferred units2024-09-300001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Class A units2024-09-300001287750arcc:NapaManagementServicesCorporationAndASPNAPAHoldingsLLCMember2024-09-300001287750Next Holdco, LLC, First lien senior secured loan2024-09-300001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured revolving loan2024-09-300001287750NMN Holdings III Corp. and NMN Holdings LP, Partnership units2024-09-300001287750arcc:NMNHoldingsIIICorpAndNMNHoldingsLPMember2024-09-300001287750Nomi Health, Inc., First lien senior secured loan 12024-09-300001287750Nomi Health, Inc., First lien senior secured loan 22024-09-300001287750Nomi Health, Inc., Warrant to purchase shares of Series B preferred stock2024-09-300001287750Nomi Health, Inc., Warrant to purchase units of Class A common stock2024-09-300001287750arcc:NomiHealthIncMember2024-09-300001287750NSPC Intermediate Corp. and NSPC Holdings, LLC, Common units2024-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 12024-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 22024-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 32024-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred units2024-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred stock2024-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Class A common units2024-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Common units2024-09-300001287750arcc:OlympiaAcquisitionIncOlympiaTopCoLPAndAsclepiusHoldingsLLCMember2024-09-300001287750OMH-HealthEdge Holdings, LLC, First lien senior secured loan2024-09-300001287750Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured revolving loan2024-09-300001287750Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured loan2024-09-300001287750arcc:Paragon28IncAndParagonAdvancedTechnologiesIncMember2024-09-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, First lien senior secured revolving loan2024-09-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Second lien senior secured loan2024-09-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Class R common units2024-09-300001287750arcc:PathwayVetAllianceLLCAndJediGroupHoldingsLLCMember2024-09-300001287750PetVet Care Centers, LLC, First lien senior secured loan2024-09-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured revolving loan2024-09-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured loan2024-09-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, Class A units2024-09-300001287750arcc:PremiseHealthHoldingCorpAndOMERSBluejayInvestmentHoldingsLPMember2024-09-300001287750Project Ruby Ultimate Parent Corp., Second lien senior secured loan2024-09-300001287750RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured revolving loan2024-09-300001287750RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured loan2024-09-300001287750arcc:RTISurgicalIncAndPioneerSurgicalTechnologyIncMember2024-09-300001287750SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, First lien senior secured loan2024-09-300001287750SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, Common units2024-09-300001287750arcc:SiroMedPhysicianServicesIncAndSiroMedEquityHoldingsLLCMember2024-09-300001287750SM Wellness Holdings, Inc. and SM Holdco, LLC, Series D units2024-09-300001287750SM Wellness Holdings, Inc. and SM Holdco, LLC, Series A units2024-09-300001287750SM Wellness Holdings, Inc. and SM Holdco, LLC, Series B units2024-09-300001287750arcc:SMWellnessHoldingsIncAndSMHoldcoIncMember2024-09-300001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, First lien senior secured loan2024-09-300001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Class A-2 units2024-09-300001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Warrant to purchase units of common stock2024-09-300001287750arcc:SOCTelemedIncAndPSCSparkHoldingsLPMember2024-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured revolving loan2024-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 12024-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 22024-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 12024-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 22024-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-1 preferred shares2024-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-2 preferred shares2024-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-3 preferred shares2024-09-300001287750arcc:SymplrSoftwareIncAndSymplrSoftwareIntermediateHoldingsIncMember2024-09-300001287750Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, First lien senior secured loan2024-09-300001287750Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, Common units2024-09-300001287750arcc:SynergyHomeCareFranchisingLLCAndNPSynergyHoldingsLLCMember2024-09-300001287750Tempus AI, Inc., First lien senior secured loan 12024-09-300001287750Tempus AI, Inc., First lien senior secured loan 22024-09-300001287750Tempus AI, Inc., First lien senior secured loan 32024-09-300001287750Tempus AI, Inc., Common units2024-09-300001287750arcc:TempusAIInc.Member2024-09-300001287750Therapy Brands Holdings LLC, Second lien senior secured loan2024-09-300001287750Touchstone Acquisition, Inc. and Touchstone Holding, L.P., Class A preferred units2024-09-300001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Second lien senior secured loan2024-09-300001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Common stock2024-09-300001287750arcc:USAnesthesiaPartnersIncUSAnesthesiaPartnersHoldingsIncMember2024-09-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured revolving loan2024-09-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan2024-09-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, Class A interests2024-09-300001287750arcc:UnitedDigestiveMSOParentLLCAndKolnCoInvestUnblockedLPMember2024-09-300001287750Viant Medical Holdings, Inc., First lien senior secured loan2024-09-300001287750Viant Medical Holdings, Inc., Second lien senior secured loan2024-09-300001287750arcc:ViantMedicalHoldingsInc.Member2024-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 12024-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 22024-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 32024-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 12024-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 22024-09-300001287750arcc:VPPIntermediateHoldingsLLCAndVPPGroupHoldingsLPMember2024-09-300001287750Wellpath Holdings, Inc., First lien senior secured revolving loan2024-09-300001287750Wellpath Holdings, Inc., First lien senior secured loan2024-09-300001287750arcc:WellpathHoldingsIncMember2024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured revolving loan2024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 12024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 22024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 32024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 42024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 52024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 62024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 72024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Common units2024-09-300001287750arcc:WSHPFCAcquisitionLLCMember2024-09-300001287750us-gaap:HealthcareSectorMember2024-09-300001287750Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC, Class A common units2024-09-300001287750Aero Operating LLC, First lien senior secured loan 12024-09-300001287750Aero Operating LLC, First lien senior secured loan 22024-09-300001287750arcc:AeroOperatingLLCMember2024-09-300001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured revolving loan2024-09-300001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 12024-09-300001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 22024-09-300001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 32024-09-300001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 12024-09-300001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 22024-09-300001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 32024-09-300001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Common units2024-09-300001287750arcc:AIFireBuyerIncAndAIFireParentLLCMember2024-09-300001287750Aldinger Company Inc, First lien senior secured loan2024-09-300001287750AMCP Clean Acquisition Company, LLC, First lien senior secured loan2024-09-300001287750Applied Technical Services, LLC, First lien senior secured revolving loan2024-09-300001287750Applied Technical Services, LLC, First lien senior secured loan 12024-09-300001287750Applied Technical Services, LLC, First lien senior secured loan 22024-09-300001287750Applied Technical Services, LLC, First lien senior secured loan 32024-09-300001287750arcc:AppliedTechnicalServicesLLCMember2024-09-300001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., First lien senior secured loan2024-09-300001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., Senior subordinated loan 12024-09-300001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., Senior subordinated loan 22024-09-300001287750arcc:ArgenbrightHoldingsVLLCAndAmberstoneSecurityGroupLimitedMember2024-09-300001287750Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured revolving loan2024-09-300001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured loan2024-09-300001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Second lien senior secured loan2024-09-300001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Class A units2024-09-300001287750arcc:CapstoneAcquisitionHoldingsInc.CapstoneLogisticsHoldingsInc.AndCapstoneParentHoldingsLPMember2024-09-300001287750Compex Legal Services, Inc., First lien senior secured revolving loan 12024-09-300001287750Compex Legal Services, Inc., First lien senior secured loan2024-09-300001287750arcc:CompexLegalServicesIncMember2024-09-300001287750Dorado Bidco, Inc., First lien senior secured loan2024-09-300001287750DP Flores Holdings, LLC, First lien senior secured loan2024-09-300001287750Drogon Bidco Inc. & Drogon Aggregator LP, First lien senior secured loan2024-09-300001287750Drogon Bidco Inc. & Drogon Aggregator LP, Class A-2 common units 2024-09-300001287750arcc:DrogonBidcoInc.DrogonAggregatorLPMember2024-09-300001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class A common stock2024-09-300001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class B common stock2024-09-300001287750arcc:DTIHoldcoIncAndOPEDTIHoldingsIncMember2024-09-300001287750Duraserv LLC, First lien senior secured loan2024-09-300001287750Elevation Services Parent Holdings, LLC, First lien senior secured revolving loan2024-09-300001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 22024-09-300001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 32024-09-300001287750arcc:ElevationServicesParentHoldingsLLCMember2024-09-300001287750FlyWheel Acquireco, Inc., First lien senior secured revolving loan2024-09-300001287750FlyWheel Acquireco, Inc., First lien senior secured loan2024-09-300001287750arcc:FlyWheelAcquirecoIncMember2024-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured revolving loan2024-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 12024-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 22024-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 32024-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, Class A units2024-09-300001287750arcc:HHStellaIncAndBedrockParentHoldingsLPMember2024-09-300001287750HP RSS Buyer, Inc., First lien senior secured loan 12024-09-300001287750HP RSS Buyer, Inc., First lien senior secured loan 22024-09-300001287750arcc:HPRSSBuyerInc.Member2024-09-300001287750IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P., First lien senior secured revolving loan 12024-09-300001287750IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P., First lien senior secured revolving loan 22024-09-300001287750IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P., First lien senior secured loan2024-09-300001287750arcc:IRIGroupHoldingsInc.CircanaLLCAndIRINPDCoInvestAggregatorL.PMember2024-09-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured revolving loan2024-09-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan2024-09-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., Class A units2024-09-300001287750arcc:ISQHawkeyeHoldcoIncAndISQHawkeyeHoldingsLPMember2024-09-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, First lien senior secured loan 12024-09-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, First lien senior secured loan 22024-09-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, Preferred units2024-09-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, Class A common units2024-09-300001287750arcc:KellermeyerBergensonsServicesLLCAndKBSTopCoLLCMember2024-09-300001287750Kings Buyer, LLC, First lien senior secured revolving loan2024-09-300001287750Kings Buyer, LLC, First lien senior secured loan2024-09-300001287750arcc:KingsBuyerLLCMember2024-09-300001287750KPS Global LLC and Cool Group LLC, First lien senior secured loan 12024-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 12024-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 22024-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 12024-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 32024-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 42024-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, Class A units2024-09-300001287750arcc:LaboratoriesBidcoLLCAndLaboratoriesTopcoLLCMember2024-09-300001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, First lien senior secured loan2024-09-300001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, Class A common units2024-09-300001287750arcc:LBCWoodlandsPurchaserLLCAndLBCWoodlandsHoldingsLPMember2024-09-300001287750Lightbeam Bidco, Inc., First lien senior secured revolving loan2024-09-300001287750Lightbeam Bidco, Inc., First lien senior secured loan 12024-09-300001287750Lightbeam Bidco, Inc., First lien senior secured loan 22024-09-300001287750arcc:LightbeamBidcoIncMember2024-09-300001287750LJP Purchaser, Inc. and LJP Topco, LP, First lien senior secured loan2024-09-300001287750LJP Purchaser, Inc. and LJP Topco, LP, Class A units2024-09-300001287750arcc:LJPPurchaserIncAndLJPTopcoLPMember2024-09-300001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Second lien senior secured loan 12024-09-300001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Second lien senior secured loan 22024-09-300001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Series A preferred stock2024-09-300001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Series B preferred stock2024-09-300001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Common stock2024-09-300001287750arcc:MicrostarLogisticsLLCMicrostarGlobalAssetManagementLLCMStarHoldingCorporationAndKegstarUSAIncMember2024-09-300001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured loan2024-09-300001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class A preferred units2024-09-300001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class B common units2024-09-300001287750arcc:MustangProspectsHoldcoLLCMustangProspectsPurchaserLLCAndSenskeAcquisitionInc.Member2024-09-300001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured revolving loan2024-09-300001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 12024-09-300001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 22024-09-300001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 32024-09-300001287750arcc:NASLLCAndNationwideMarketingGroupLLCMember2024-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 12024-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 22024-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured note2024-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Second lien senior secured loan2024-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Limited partnership interests2024-09-300001287750arcc:NeptuneBidcoUSIncAndElliottMetronCoInvestorAggregatorLPMember2024-09-300001287750Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Senior subordinated loan2024-09-300001287750Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Limited partner interest2024-09-300001287750arcc:NestTopcoBorrowerIncKKRNestCoInvestLPAndNBLY20211Member2024-09-300001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured revolving loan 12024-09-300001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured loan 12024-09-300001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured loan 22024-09-300001287750arcc:NorthHavenFairwayBuyerLLCFairwayLawnsLLCAndCommandPestControlLLCMember2024-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured revolving loan2024-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 12024-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 32024-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 42024-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 52024-09-300001287750arcc:NorthHavenStackBuyerLLCMember2024-09-300001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 12024-09-300001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 22024-09-300001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units 12024-09-300001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units 22024-09-300001287750arcc:PriorityWasteHoldingsLLCPriorityWasteHoldingsIndianaLLCAndPriorityWasteSuperHoldingsLLCMember2024-09-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 12024-09-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 22024-09-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, Class A units2024-09-300001287750arcc:PritchardIndustriesLLCAndLJPritchardTopCoHoldingsLLCMember2024-09-300001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured revolving loan2024-09-300001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured loan2024-09-300001287750PS Operating Company LLC and PS Op Holdings LLC, Common unit2024-09-300001287750arcc:PSOperatingCompanyLLCAndPSOPHoldingsLLCMember2024-09-300001287750PSC Parent, Inc., First lien senior secured revolving loan 12024-09-300001287750PSC Parent, Inc., First lien senior secured revolving loan 22024-09-300001287750PSC Parent, Inc., First lien senior secured loan2024-09-300001287750arcc:PSCGroupLLCMember2024-09-300001287750PYE-Barker Fire & Safety, LLC, First lien senior secured revolving loan2024-09-300001287750PYE-Barker Fire & Safety, LLC, First lien senior secured loan2024-09-300001287750arcc:PYEBarkerFireSafetyLLCMember2024-09-300001287750R2 Acquisition Corp., Common stock2024-09-300001287750RC V Tecmo Investor LLC, Common member units2024-09-300001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 12024-09-300001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 22024-09-300001287750arcc:RECommunityHoldingsGPLLCAndRECommunityHoldingsLPMember2024-09-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured revolving loan2024-09-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured loan2024-09-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., Limited partner interests2024-09-300001287750arcc:RegistrarIntermediateLLCAndPSPRegistrarCoInvestmentFundLPMember2024-09-300001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc., Common units2024-09-300001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc., Warrants to purchase shares of common stock2024-09-300001287750arcc:ResearchNowGroupLLCAndDynataLLCAndNewInsightHoldingsInc.Member2024-09-300001287750Rodeo AcquisitionCo LLC, First lien senior secured revolving loan2024-09-300001287750Rodeo AcquisitionCo LLC, First lien senior secured loan2024-09-300001287750arcc:RodeoAcquisitionCoLLCMember2024-09-300001287750Saturn Purchaser Corp., First lien senior secured loan2024-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured revolving loan2024-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured loan2024-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., Class A units2024-09-300001287750arcc:SchillLandscapingAndLawnCareServicesLLCTenderLawnCareULCAndLandscapeParallelPartnersLPMember2024-09-300001287750Shermco Intermediate Holdings, Inc., First lien senior secured revolving loan 12024-09-300001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 12024-09-300001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 22024-09-300001287750arcc:ShermcoIntermediateHoldingsIncMember2024-09-300001287750SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Limited partnership class A-1 units2024-09-300001287750SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Limited partnership class A-2 units2024-09-300001287750arcc:SSEBuyerIncSupplySourceEnterprisesIncImpactProductsLLCTheSafetyZoneLLCAndSSEParentLPMember2024-09-300001287750Startec Equity, LLC, Member interest2024-09-300001287750Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 12024-09-300001287750Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 22024-09-300001287750Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 32024-09-300001287750Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 42024-09-300001287750Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 52024-09-300001287750arcc:StealthHoldingLLCAndUCITOnlineSecurityIncMember2024-09-300001287750SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan2024-09-300001287750Systems Planning and Analysis, Inc., First lien senior secured revolving loan2024-09-300001287750Systems Planning and Analysis, Inc., First lien senior secured loan2024-09-300001287750arcc:SystemsPlanningAndAnalysisInc.Member2024-09-300001287750The Hiller Companies, LLC, First lien senior secured loan2024-09-300001287750Thermostat Purchaser III, Inc., First lien senior secured revolving loan2024-09-300001287750Thermostat Purchaser III, Inc., Second lien senior secured loan2024-09-300001287750arcc:ThermostatPurchaserIIIIncMember2024-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured revolving loan2024-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured loan2024-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC, Common units 12024-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC, Common units 22024-09-300001287750arcc:UPIntermediateIILLCAndUPBWBlockerLLCMember2024-09-300001287750Valcourt Holdings II, LLC and Jobs Holdings, Inc., First lien senior secured loan2024-09-300001287750Visual Edge Technology, Inc., First lien senior secured loan2024-09-300001287750Visual Edge Technology, Inc., Senior preferred stock2024-09-300001287750Visual Edge Technology, Inc., Junior preferred stock2024-09-300001287750Visual Edge Technology, Inc., Warrant to purchase shares of common stock2024-09-300001287750arcc:VisualEdgeTechnologyIncMember2024-09-300001287750VRC Companies, LLC, Senior subordinated loan2024-09-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured loan2024-09-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A preferred units2024-09-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A common units2024-09-300001287750arcc:W.S.ConnellyCo.LLCAndWSCUltimateHoldingsLLCMember2024-09-300001287750Wash Encore Holdings, LLC, First lien senior secured loan 12024-09-300001287750Wash Encore Holdings, LLC, First lien senior secured loan 22024-09-300001287750arcc:WashEncoreHoldingsLLCMember2024-09-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured revolving loan2024-09-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 12024-09-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 22024-09-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class A units2024-09-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class B units2024-09-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class C units2024-09-300001287750arcc:XIFINIncAndACPChargerCoInvestLLCMember2024-09-300001287750Zinc Buyer Corporation, First lien senior secured revolving loan2024-09-300001287750Zinc Buyer Corporation, First lien senior secured loan2024-09-300001287750arcc:ZincBuyerCorporationMember2024-09-300001287750arcc:CommercialAndProfessionalServicesMember2024-09-300001287750Aduro Advisors, LLC, First lien senior secured loan2024-09-300001287750AQ Sage Buyer, LLC, First lien senior secured revolving loan2024-09-300001287750AQ Sage Buyer, LLC, First lien senior secured loan2024-09-300001287750arcc:AQSageBuyerLLCMember2024-09-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, First lien senior secured loan2024-09-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Senior subordinated loan2024-09-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Common units2024-09-300001287750arcc:BCCBlueprintHoldingsILLCAndBCCBlueprintInvestmentsLLCMember2024-09-300001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 12024-09-300001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 22024-09-300001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 32024-09-300001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 42024-09-300001287750arcc:BeaconPointeHarmonyLLCMember2024-09-300001287750Cliffwater LLC, First lien senior secured loan2024-09-300001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 12024-09-300001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 22024-09-300001287750arcc:ConveraInternationalHoldingsLimitedAndConveraInternationalFinancialSARLMember2024-09-300001287750Corient Holdings, Inc., Series A preferred stock2024-09-300001287750CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC, Series D preferred units2024-09-300001287750DFC Global Facility Borrower III LLC, First lien senior secured revolving loan2024-09-300001287750eCapital Finance Corp., Senior subordinated loan 12024-09-300001287750eCapital Finance Corp., Senior subordinated loan 22024-09-300001287750eCapital Finance Corp., Senior subordinated loan 32024-09-300001287750eCapital Finance Corp., Senior subordinated loan 42024-09-300001287750eCapital Finance Corp., Senior subordinated loan 52024-09-300001287750arcc:ECapitalFinanceCorpMember2024-09-300001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., First lien senior secured loan2024-09-300001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., Class A common units2024-09-300001287750arcc:EndeavorBidcoLLCAndEndeavorTopCoInc.Member2024-09-300001287750Envestnet, Inc., First lien senior secured loan2024-09-300001287750EP Wealth Advisors, LLC, First lien senior secured loan 12024-09-300001287750EP Wealth Advisors, LLC, First lien senior secured loan 22024-09-300001287750arcc:EPWealthAdvisorsLLCMember2024-09-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan2024-09-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, Limited partnership interests2024-09-300001287750arcc:GTCRFBuyerCorpAndGTCRDInvestorsLPMember2024-09-300001287750HighTower Holding, LLC, Senior subordinated loan2024-09-300001287750Ivy Hill Asset Management, L.P., Subordinated revolving loan2024-09-300001287750Ivy Hill Asset Management, L.P., Member interest2024-09-300001287750arcc:IvyHillAssetManagementLPMember2024-09-300001287750Lido Advisors, LLC, First lien senior secured revolving loan2024-09-300001287750Lido Advisors, LLC, First lien senior secured loan 12024-09-300001287750Lido Advisors, LLC, First lien senior secured loan 22024-09-300001287750arcc:LidoAdvisorsLLCMember2024-09-300001287750LS DE LLC and LM LSQ Investors LLC, Senior subordinated loan 12024-09-300001287750LS DE LLC and LM LSQ Investors LLC, Senior subordinated loan 22024-09-300001287750LS DE LLC and LM LSQ Investors LLC, Membership units2024-09-300001287750arcc:LSDELLCAndLMLSQInvestorsLLCMember2024-09-300001287750Mai Capital Management Intermediate LLC, First lien senior secured loan2024-09-300001287750Monica Holdco (US) Inc., First lien senior secured loan 12024-09-300001287750Monica Holdco (US) Inc., First lien senior secured loan 22024-09-300001287750arcc:MonicaHoldcoUSIncMember2024-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured revolving loan2024-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 12024-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 22024-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 32024-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., Limited partnership interests2024-09-300001287750arcc:PathstoneFamilyOfficeLLCAndKelsoXITailwindCoInvestmentLPMember2024-09-300001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, First lien senior secured loan2024-09-300001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, Preferred units2024-09-300001287750arcc:PCIASPV3LLCAndASERoyalAggregatorLLCMember2024-09-300001287750PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured revolving loan2024-09-300001287750PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured loan2024-09-300001287750PCS MidCo, Inc. and PCS Parent, L.P., Class A units2024-09-300001287750arcc:PCSMidCoInc.AndPCSParentL.P.Member2024-09-300001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, First lien senior secured loan2024-09-300001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, Limited partnership interest2024-09-300001287750arcc:PerigonWealthManagementLLCPerigonWealthAdvisorsHoldingsCompanyLLCAndCWCFundICoInvestPrismLPMember2024-09-300001287750Petrus Buyer, Inc., First lien senior secured loan2024-09-300001287750Priority Holdings, LLC and Priority Technology Holdings, Inc., Senior preferred stock2024-09-300001287750Priority Holdings, LLC and Priority Technology Holdings, Inc., Warrant to purchase shares of common stock2024-09-300001287750arcc:PriorityHoldingsLLCAndPriorityTechnologyHoldingsIncMember2024-09-300001287750RFS Opco LLC, First lien senior secured loan2024-09-300001287750Rialto Management Group, LLC, First lien senior secured revolving loan2024-09-300001287750Rialto Management Group, LLC, First lien senior secured loan 12024-09-300001287750Rialto Management Group, LLC, First lien senior secured loan 22024-09-300001287750Rialto Management Group, LLC, First lien senior secured loan 32024-09-300001287750arcc:RialtoManagementGroupLLCMember2024-09-300001287750Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan2024-09-300001287750The Edelman Financial Center, LLC, Second lien senior secured loan2024-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured revolving loan2024-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan2024-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Senior subordinated loan2024-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Series A preferred units2024-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Common units2024-09-300001287750arcc:TheMatherGroupLLCTVGTMGTopcoIncAndTVGTMGHoldingsLLCMember2024-09-300001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured loan2024-09-300001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A preferred units2024-09-300001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A common units2024-09-300001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B common units 12024-09-300001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B common units 22024-09-300001287750arcc:TheUltimusGroupMidcoLLCTheUltimusGroupLLCAndTheUltimusGroupAggregatorLPMember2024-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 12024-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 22024-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC, Class A units2024-09-300001287750arcc:WaverlyAdvisorsLLCAndWAAMTopcoLLCMember2024-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 12024-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 22024-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 32024-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 42024-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 52024-09-300001287750arcc:WealthEnhancementGroupLLCMember2024-09-300001287750Wellington-Altus Financial Inc., First lien senior secured loan2024-09-300001287750Wellington-Altus Financial Inc., Common stock2024-09-300001287750arcc:WellingtonAltusFinancialInc.Member2024-09-300001287750us-gaap:FinancialServicesSectorMember2024-09-300001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 12024-09-300001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 22024-09-300001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 32024-09-300001287750arcc:AccessionRiskManagementGroupIncAndRSCInsuranceBrokerageIncMember2024-09-300001287750Acrisure, LLC, First lien senior secured loan2024-09-300001287750Alera Group, Inc., First lien senior secured loan 12024-09-300001287750Alera Group, Inc., First lien senior secured loan 22024-09-300001287750arcc:AleraGroupInc.Member2024-09-300001287750Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc., First lien senior secured loan2024-09-300001287750AQ Sunshine, Inc., First lien senior secured revolving loan2024-09-300001287750AQ Sunshine, Inc., First lien senior secured loan2024-09-300001287750arcc:AQSunshineIncMember2024-09-300001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 12024-09-300001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 22024-09-300001287750arcc:ArdonaghMidco2PlcAndArdonaghMidco3PlcMember2024-09-300001287750Benecon Midco II LLC and Benecon Holdings, LLC, First lien senior secured revolving loan2024-09-300001287750Benecon Midco II LLC and Benecon Holdings, LLC, First lien senior secured loan2024-09-300001287750Benecon Midco II LLC and Benecon Holdings, LLC, Class A units2024-09-300001287750arcc:BeneconMidcoIILLCAndBeneconHoldingsLLCMember2024-09-300001287750Captive Resources Midco, LLC, First lien senior secured loan2024-09-300001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 12024-09-300001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 22024-09-300001287750Daylight Beta Parent LLC and CFCo, LLC, Class B units2024-09-300001287750arcc:DaylightBetaParentLLCAndCFCoLLCMember2024-09-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, First lien senior secured loan 12024-09-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, First lien senior secured loan 22024-09-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, Limited partnership interest2024-09-300001287750arcc:DOXAInsuranceHoldingsLLCAndRocketCoInvestSLPMember2024-09-300001287750Foundation Risk Partners, Corp., First lien senior secured loan 12024-09-300001287750Foundation Risk Partners, Corp., First lien senior secured loan 22024-09-300001287750Foundation Risk Partners, Corp., First lien senior secured loan 32024-09-300001287750arcc:FoundationRiskPartnersCorpMember2024-09-300001287750Galway Borrower LLC, First lien senior secured revolving loan2024-09-300001287750Galway Borrower LLC, First lien senior secured loan2024-09-300001287750arcc:GalwayBorrowerLLCMember2024-09-300001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured loan2024-09-300001287750Higginbotham Insurance Agency, Inc., First lien senior secured loan 12024-09-300001287750Higginbotham Insurance Agency, Inc., First lien senior secured loan 22024-09-300001287750arcc:HigginbothamInsuranceAgencyInc.Member2024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 12024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 22024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 32024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 12024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 22024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 32024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 42024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A common units2024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series C common units2024-09-300001287750arcc:HighStreetBuyerIncAndHighStreetHoldcoLLCMember2024-09-300001287750Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan2024-09-300001287750Inszone Mid, LLC and INSZ Holdings, LLC, Limited partnership interests2024-09-300001287750Inszone Mid, LLC and INSZ Holdings, LLC, Common units2024-09-300001287750arcc:InszoneMidLLCAndINSZHoldingsLLCMember2024-09-300001287750Keystone Agency Partners LLC, First lien senior secured loan 12024-09-300001287750Keystone Agency Partners LLC, First lien senior secured loan 22024-09-300001287750arcc:KeystoneAgencyPartnersLLCMember2024-09-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured revolving loan2024-09-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan2024-09-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, Class A2 units2024-09-300001287750arcc:OakBridgeInsuranceAgencyLLCAndMapleAcquisitionHoldingsLPMember2024-09-300001287750OneDigital Borrower LLC, First lien senior secured revolving loan2024-09-300001287750Patriot Growth Insurance Services, LLC, First lien senior secured revolving loan2024-09-300001287750Patriot Growth Insurance Services, LLC, First lien senior secured loan2024-09-300001287750arcc:PatriotGrowthInsuranceServicesLLCMember2024-09-300001287750People Corporation, First lien senior secured revolving loan2024-09-300001287750People Corporation, First lien senior secured loan 12024-09-300001287750People Corporation, First lien senior secured loan 22024-09-300001287750People Corporation, First lien senior secured loan 32024-09-300001287750arcc:PeopleCorporationMember2024-09-300001287750Riser Topco II, LLC, First lien senior secured loan 12024-09-300001287750Riser Topco II, LLC, First lien senior secured loan 22024-09-300001287750Riser Topco II, LLC, First lien senior secured loan 32024-09-300001287750Riser Topco II, LLC, First lien senior secured loan 42024-09-300001287750arcc:RiserIntercoLLCMember2024-09-300001287750SageSure Holdings, LLC and SageSure LLC, First lien senior secured loan2024-09-300001287750SageSure Holdings, LLC and SageSure LLC, Series A units2024-09-300001287750arcc:SageSureHoldingsLLCAndSageSureLLCMember2024-09-300001287750SCM Insurance Services Inc., First lien senior secured loan2024-09-300001287750SelectQuote, Inc., First lien senior secured loan2024-09-300001287750SG Acquisition, Inc., First lien senior secured loan2024-09-300001287750SIG Parent Holdings, LLC, First lien senior secured loan2024-09-300001287750Spring Insurance Solutions, LLC, First lien senior secured loan2024-09-300001287750THG Acquisition, LLC, First lien senior secured revolving loan2024-09-300001287750THG Acquisition, LLC, First lien senior secured loan 12024-09-300001287750THG Acquisition, LLC, First lien senior secured loan 22024-09-300001287750THG Acquisition, LLC, First lien senior secured loan 32024-09-300001287750arcc:THGAcquisitionLLCMember2024-09-300001287750Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC, First lien senior secured revolving loan2024-09-300001287750Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC, First lien senior secured loan2024-09-300001287750arcc:TruistInsuranceHoldingsLLCAndMcGriffInsuranceServicesLLCMember2024-09-300001287750World Insurance Associates, LLC and World Associates Holdings, LLC, First lien senior secured loan2024-09-300001287750us-gaap:InsuranceSectorMember2024-09-300001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc., First lien senior secured loan2024-09-300001287750Aimbridge Acquisition Co., Inc., Second lien senior secured loan2024-09-300001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, Second lien senior secured loan2024-09-300001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, Series A preferred units2024-09-300001287750arcc:AmericanResidentialServicesLLCAndAragornParentHoldingsLPMember2024-09-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan2024-09-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured loan2024-09-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, Series B common units2024-09-300001287750arcc:ApexServicePartnersLLCAndApexServicePartnersHoldingsLLCMember2024-09-300001287750ATI Restoration, LLC, First lien senior secured revolving loan2024-09-300001287750ATI Restoration, LLC, First lien senior secured loan 12024-09-300001287750ATI Restoration, LLC, First lien senior secured loan 22024-09-300001287750ATI Restoration, LLC, First lien senior secured loan 32024-09-300001287750arcc:ATIRestorationLLCMember2024-09-300001287750Belfor Holdings, Inc., First lien senior secured revolving loan2024-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan2024-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 12024-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 22024-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, Class A units2024-09-300001287750arcc:ClarionHomeServicesGroupLLCAndLBCBreezeHoldingsLLCMember2024-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured revolving loan 12024-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 12024-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 22024-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., Common stock2024-09-300001287750arcc:CMGHoldCoLLCAndCMGBuyerHoldingsIncMember2024-09-300001287750Concert Golf Partners Holdco LLC, First lien senior secured loan2024-09-300001287750CST Holding Company, First lien senior secured revolving loan 22024-09-300001287750CST Holding Company, First lien senior secured loan2024-09-300001287750arcc:CSTHoldingCompanyMember2024-09-300001287750Equinox Holdings, Inc., First lien senior secured loan2024-09-300001287750Equinox Holdings, Inc., Second lien senior secured loan2024-09-300001287750arcc:EquinoxHoldingsInc.Member2024-09-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured revolving loan2024-09-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan2024-09-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Preferred units2024-09-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Class A units2024-09-300001287750arcc:EssentialServicesHoldingCorporationAndOMERSMahomesInvestmentHoldingsLLCMember2024-09-300001287750Eternal Aus Bidco Pty Ltd, First lien senior secured loan2024-09-300001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc., First lien senior secured loan2024-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured revolving loan2024-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured revolving loan 12024-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured loan2024-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, Common units2024-09-300001287750arcc:FitnessVenturesHoldingsInc.AndMeaningfulPartnersFitnessVenturesCoInvestmentLPMember2024-09-300001287750Flint OpCo, LLC, First lien senior secured loan 12024-09-300001287750Flint OpCo, LLC, First lien senior secured loan 22024-09-300001287750arcc:FlintOpCoLLCMember2024-09-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured loan2024-09-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, Class A common units2024-09-300001287750arcc:GSSEERGroupBorrowerLLCAndGSSEERGroupHoldingsLLCMember2024-09-300001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured revolving loan2024-09-300001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan2024-09-300001287750arcc:HeliosServicePartnersLLCAndAstraServicePartnersLLCMember2024-09-300001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured revolving loan 12024-09-300001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured revolving loan 22024-09-300001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 12024-09-300001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 22024-09-300001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 32024-09-300001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., Class A units2024-09-300001287750arcc:InfinityHomeServicesHoldCoIncAndIHSParentHoldingsLPMember2024-09-300001287750Jenny C Acquisition, Inc., Senior subordinated loan2024-09-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan2024-09-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests2024-09-300001287750arcc:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember2024-09-300001287750ME Equity LLC, Common stock2024-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured revolving loan 12024-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured revolving loan 22024-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 12024-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 22024-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, Class A units2024-09-300001287750arcc:ModigentLLCAndOMERSPMCInvestmentHoldingsLLCMember2024-09-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan2024-09-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, Common units2024-09-300001287750arcc:NorthwindsHoldingIncAndNorthwindsServicesGroupLLCMember2024-09-300001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC, Second lien notes2024-09-300001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC, Participation rights2024-09-300001287750arcc:OTGConcessionsManagementLLCAndOctaParentHoldingsLLCMember2024-09-300001287750PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan2024-09-300001287750PestCo Holdings, LLC and PestCo, LLC, Class A units2024-09-300001287750arcc:PestCoHoldingsLLCAndPestCoLLCMember2024-09-300001287750Premiere Buyer, LLC, First lien senior secured loan2024-09-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, First lien senior secured loan2024-09-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, Preferred membership units2024-09-300001287750arcc:PyramidManagementAdvisorsLLCAndPyramidInvestorsLLCMember2024-09-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., First lien senior secured loan2024-09-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., Limited partnership interest2024-09-300001287750arcc:QuickQuackCarWashHoldingsLLCAndKKRGameChangerCoInvestFeederIIL.P.Member2024-09-300001287750Radiant Intermediate Holding, LLC, First lien senior secured loan2024-09-300001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured revolving loan2024-09-300001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 12024-09-300001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 22024-09-300001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 32024-09-300001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 42024-09-300001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 52024-09-300001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 62024-09-300001287750Redwood Services, LLC and Redwood Services Holdco, LLC, Series D units2024-09-300001287750arcc:RedwoodServicesLLCAndRedwoodServicesHoldcoLLCMember2024-09-300001287750Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc., First lien senior secured loan2024-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 12024-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 22024-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 32024-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 42024-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured loan 12024-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured loan 22024-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., Class A units2024-09-300001287750arcc:TaymaxGroupLPTaymaxGroupGPLLCPFSalemCanadaULCAndTCPFitParentLPMember2024-09-300001287750The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc., First lien senior secured loan2024-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan 12024-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 12024-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 22024-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 32024-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 42024-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 52024-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class A units2024-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class C units2024-09-300001287750arcc:TheArcticomGroupLLCAndAMCPMechanicalHoldingsLPMember2024-09-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP, Class A-2 common units2024-09-300001287750TSS Buyer, LLC, First lien senior secured loan2024-09-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured revolving loan2024-09-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 12024-09-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 22024-09-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, Class B common units2024-09-300001287750arcc:VertexServicePartnersLLCAndVertexServicePartnersHoldingsLLCMember2024-09-300001287750YE Brands Holdings, LLC, First lien senior secured revolving loan2024-09-300001287750YE Brands Holdings, LLC, First lien senior secured loan 12024-09-300001287750YE Brands Holdings, LLC, First lien senior secured loan 22024-09-300001287750YE Brands Holdings, LLC, First lien senior secured loan 32024-09-300001287750YE Brands Holdings, LLC, First lien senior secured loan 42024-09-300001287750arcc:YEBrandsHoldingsLLCMember2024-09-300001287750ZBS Mechanical Group Co-Invest Fund 2, LLC, Membership interest2024-09-300001287750arcc:ConsumerServicesMember2024-09-300001287750ACAS Equity Holdings Corporation, Common stock2024-09-300001287750Constellation Wealth Capital Fund, L.P., Limited partner interests2024-09-300001287750CREST Exeter Street Solar 2004-1, Preferred shares2024-09-300001287750CWC Fund I Co-Invest (ALTI) LP, Limited partnership interest2024-09-300001287750European Capital UK SME Debt LP, Limited partnership interest2024-09-300001287750HCI Equity, LLC, Member interest2024-09-300001287750Linden Structured Capital Fund II-A LP, Limited partnership interest2024-09-300001287750Partnership Capital Growth Investors III, L.P., Limited partnership interest2024-09-300001287750PCG-Ares Sidecar Investment II, L.P., Limited partnership interest2024-09-300001287750PCG-Ares Sidecar Investment, L.P., Limited partnership interest2024-09-300001287750Piper Jaffray Merchant Banking Fund I, L.P., Limited partnership interest2024-09-300001287750Senior Direct Lending Program, LLC, Subordinated certificates2024-09-300001287750Senior Direct Lending Program, LLC, Membership interest2024-09-300001287750arcc:SeniorDirectLendingProgramLLCMember2024-09-300001287750arcc:InvestmentFundsAndVehiclesMember2024-09-300001287750Apex Clean Energy TopCo, LLC, Class A common units2024-09-300001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Senior preferred units2024-09-300001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Class B units2024-09-300001287750arcc:FerrellgasLPAndFerrelgasPartnersLPMember2024-09-300001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., First lien senior secured loan2024-09-300001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., Class A common stock2024-09-300001287750arcc:OpalFuelsIntermediateHoldCoLLCAndOpalFuelsInc.Member2024-09-300001287750PosiGen, Inc., Warrant to purchase shares of series D-1 preferred stock2024-09-300001287750PosiGen, Inc., Warrant to purchase shares of common stock2024-09-300001287750arcc:PosiGenIncMember2024-09-300001287750Potomac Intermediate Holdings II LLC, Series A units2024-09-300001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, First lien senior secured loan2024-09-300001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, Senior subordinated loan2024-09-300001287750arcc:SunrunAtlasDepositor20192LLCAndSunrunAtlasHoldings20192LLCMember2024-09-300001287750Sunrun Luna Holdco 2021, LLC, Senior subordinated loan2024-09-300001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, First lien senior secured loan2024-09-300001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, Senior subordinated loan2024-09-300001287750arcc:SunrunXanaduIssuer20191LLCAndSunrunXanaduHoldings20191LLCMember2024-09-300001287750arcc:PowerGenerationMember2024-09-300001287750Bamboo Purchaser, Inc., First lien senior secured loan2024-09-300001287750BradyPlus Holdings, LLC, First lien senior secured loan2024-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured revolving loan2024-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 12024-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 22024-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 32024-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 42024-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., Common units2024-09-300001287750arcc:DisplayHoldingCompanyIncSaldonHoldingsIncAndFastsignsHoldingsIncMember2024-09-300001287750GPM Investments, LLC and ARKO Corp., Common stock2024-09-300001287750GPM Investments, LLC and ARKO Corp., Warrant to purchase common stock2024-09-300001287750arcc:GPMInvestmentsLLCAndARKOCorpMember2024-09-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured revolving loan2024-09-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured loan2024-09-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, Limited partnership interest2024-09-300001287750arcc:HillsDistributionIncHillsIntermediateFTHoldingsLLCAndGMPHillsLPMember2024-09-300001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 12024-09-300001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 22024-09-300001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, Class A common units2024-09-300001287750arcc:MarconeYellowstoneBuyerIncAndMarconeYellowstoneHoldingsLLCMember2024-09-300001287750Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP, First lien senior secured revolving loan 12024-09-300001287750Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP, Series A preferred stock2024-09-300001287750Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP, Class A-1 units2024-09-300001287750arcc:MavisTireExpressServicesTopcoCorpMetisHoldCoIncAndMetisTopCoLPMember2024-09-300001287750McKenzie Creative Brands, LLC, First lien senior secured revolving loan2024-09-300001287750McKenzie Creative Brands, LLC, First lien senior secured loan 12024-09-300001287750McKenzie Creative Brands, LLC, First lien senior secured loan 22024-09-300001287750arcc:McKenzieCreativeBrandsLLCMember2024-09-300001287750Monolith Brands Group, Inc., Series A-1 preferred stock2024-09-300001287750Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP, Limited partnership interests2024-09-300001287750North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, First lien senior secured loan2024-09-300001287750North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, Class A units2024-09-300001287750arcc:NorthHavenFalconBuyerLLCAndNorthHavenFalconHoldingCompanyLLCMember2024-09-300001287750Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., First lien senior secured loan2024-09-300001287750Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., Class B common stock2024-09-300001287750arcc:PhoenixYWBuyerInc.AndPhoenixYWParentInc.Member2024-09-300001287750Reddy Ice LLC, First lien senior secured revolving loan2024-09-300001287750Reddy Ice LLC, First lien senior secured loan2024-09-300001287750arcc:ReddyIceLLCMember2024-09-300001287750SCIH Salt Holdings Inc., First lien senior secured revolving loan2024-09-300001287750Trader Corporation and Project Auto Finco Corp., First lien senior secured revolving loan2024-09-300001287750Trader Corporation and Project Auto Finco Corp., First lien senior secured loan 12024-09-300001287750Trader Corporation and Project Auto Finco Corp., First lien senior secured loan 22024-09-300001287750arcc:TraderCorporationAndProjectAutoFincoCorp.Member2024-09-300001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., First lien senior secured loan2024-09-300001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., Limited partner interests2024-09-300001287750arcc:USSaltInvestorsLLCAndEmeraldLakePearlAcquisitionALPMember2024-09-300001287750arcc:RetailingAndDistributionMember2024-09-30000128775022 HoldCo Limited, Senior subordinated loan2024-09-3000012877503 Step Sports LLC, First lien senior secured loan2024-09-300001287750Aventine Intermediate LLC & Aventine Holdings II LLC, First lien senior secured loan2024-09-300001287750Aventine Intermediate LLC & Aventine Holdings II LLC, First lien senior secured loan 22024-09-300001287750arcc:AventineIntermediateLLCAventineHoldingsIILLCMember2024-09-300001287750Axiomatic, LLC, Class A-1 units2024-09-300001287750Broadcast Music, Inc., First lien senior secured loan2024-09-300001287750CFC Funding LLC, Loan instrument units2024-09-300001287750CMW Parent LLC (fka Black Arrow, Inc.), Series A units2024-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 12024-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 22024-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Ordinary shares2024-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 12024-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 22024-09-300001287750arcc:EagleFootballHoldingsBidCoLimitedAndEagleFootballHoldingsLimitedMember2024-09-300001287750Fever Labs, Inc., First lien senior secured revolving loan2024-09-300001287750Fever Labs, Inc., First lien senior secured loan2024-09-300001287750Fever Labs, Inc., Series E-5 Convertible Shares2024-09-300001287750arcc:FeverLabsInc.Member2024-09-300001287750Global Music Rights, LLC, First lien senior secured loan 12024-09-300001287750Global Music Rights, LLC, First lien senior secured loan 22024-09-300001287750arcc:GlobalMusicRightsLLCMember2024-09-300001287750League One Volleyball, Inc., Series B preferred stock2024-09-300001287750League One Volleyball, Inc., Series C preferred stock2024-09-300001287750arcc:LeagueOneVolleyballInc.Member2024-09-300001287750Legends Hospitality Holding Company, LLC and ASM Buyer, Inc., First lien senior secured revolving loan2024-09-300001287750Legends Hospitality Holding Company, LLC and ASM Buyer, Inc., First lien senior secured loan2024-09-300001287750arcc:LegendsHospitalityHoldingCompanyLLCAndASMBuyerInc.Member2024-09-300001287750LiveBarn Inc., Middle preferred shares2024-09-300001287750Miami Beckham United LLC, Class A preferred units2024-09-300001287750Miami Beckham United LLC, Class B preferred units2024-09-300001287750arcc:MiamiBeckhamUnitedLLCMember2024-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 12024-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 22024-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 32024-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 42024-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 52024-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, Class A units2024-09-300001287750arcc:ProductionResourceGroupLLCAndPRGIIILLCMember2024-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., First lien senior secured loan2024-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., Second lien senior secured loan2024-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., Series E preferred stock2024-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 12024-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 22024-09-300001287750arcc:ProfessionalFightersLeagueLLCAndPFLMMAIncMember2024-09-300001287750Sandlot Action Sports, LLC, Common units2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., First lien senior secured loan2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Senior subordinated loan2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class A redeemable shares2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class B redeemable shares2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class C redeemable shares2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class D redeemable shares2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class E redeemable shares2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class F redeemable shares2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class G redeemable shares2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class H redeemable shares2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class I redeemable shares2024-09-300001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Ordinary shares2024-09-300001287750arcc:StormInvestmentS.a.r.l.AndAtleticoHoldcoS.L.Member2024-09-300001287750The Teaching Company Holdings, Inc., Preferred stock2024-09-300001287750The Teaching Company Holdings, Inc., Common stock2024-09-300001287750arcc:TheTeachingCompanyHoldingsIncMember2024-09-300001287750WRE Sports Investments LLC,First lien senior secured loan2024-09-300001287750arcc:MediaAndEntertainmentMember2024-09-300001287750AI Aqua Merger Sub, Inc., First lien senior secured loan2024-09-300001287750Airx Climate Solutions, Inc., First lien senior secured revolving loan2024-09-300001287750Airx Climate Solutions, Inc., First lien senior secured loan2024-09-300001287750arcc:AirxClimateSolutionsInc.Member2024-09-300001287750API Commercial Inc., API Military Inc., and API Space Intermediate, Inc., First lien senior secured loan2024-09-300001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., First lien senior secured loan2024-09-300001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., Common stock2024-09-300001287750arcc:ArrowheadHoldcoCompanyAndArrowheadGSHoldingsIncMember2024-09-300001287750BGIF IV Fearless Utility Services, Inc., First lien senior secured revolving loan2024-09-300001287750BGIF IV Fearless Utility Services, Inc., First lien senior secured loan2024-09-300001287750arcc:BGIFIVFearlessUtilityServicesInc.Member2024-09-300001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured revolving loan 12024-09-300001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured revolving loan 22024-09-300001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured loan 12024-09-300001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured loan 22024-09-300001287750arcc:BlueHaloFinancingHoldingsLLCBlueHaloGlobalHoldingsLLCAndBlueHaloLLCMember2024-09-300001287750Burgess Point Purchaser Corporation, First lien senior secured loan2024-09-300001287750CPIG Holdco Inc., First lien senior secured loan2024-09-300001287750Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc., First lien senior secured revolving loan2024-09-300001287750Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc., First lien senior secured loan2024-09-300001287750arcc:CubeIndustrialsBuyerIncAndCubeADBuyerIncMember2024-09-300001287750DFS Holding Company, Inc., First lien senior secured loan2024-09-300001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured revolving loan2024-09-300001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured loan2024-09-300001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, Common units2024-09-300001287750arcc:DynamicNCAerospaceHoldingsLLCAndDynamicNCInvestmentHoldingsLPMember2024-09-300001287750ESCP PPG Holdings, LLC, Class A-1 units2024-09-300001287750ESCP PPG Holdings, LLC, Class A-2 units2024-09-300001287750arcc:ESCPPPGHoldingsLLCMember2024-09-300001287750Harvey Tool Company, LLC, First lien senior secured loan 12024-09-300001287750Harvey Tool Company, LLC, First lien senior secured loan 22024-09-300001287750Harvey Tool Company, LLC, First lien senior secured loan 32024-09-300001287750Harvey Tool Company, LLC, First lien senior secured loan 42024-09-300001287750arcc:HarveyToolCompanyLLCMember2024-09-300001287750Helix Acquisition Holdings, Inc., First lien senior secured loan2024-09-300001287750HPCC Parent, Inc. and Patriot Container Corp, First lien senior secured loan2024-09-300001287750HPCC Parent, Inc. and Patriot Container Corp, Common stock2024-09-300001287750arcc:HPCCParentInc.AndPatriotContainerCorp.Member2024-09-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Senior subordinated loan2024-09-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Class A common stock2024-09-300001287750arcc:ImagingBusinessMachinesLLCAndScannerHoldingsCorporationMember2024-09-300001287750Kene Acquisition, Inc. and Kene Holdings, L.P., First lien senior secured loan2024-09-300001287750Kene Acquisition, Inc. and Kene Holdings, L.P., Class A units2024-09-300001287750arcc:KeneAcquisitionIncAndKeneHoldingsLPMember2024-09-300001287750LTG Acquisition, Inc., Class A membership units2024-09-300001287750Maverick Acquisition, Inc., First lien senior secured loan2024-09-300001287750NCWS Intermediate, Inc. and NCWS Holdings LP, Class A-2 common units2024-09-300001287750Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC, Second lien senior secured loan2024-09-300001287750Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., First lien senior secured loan 12024-09-300001287750Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., First lien senior secured loan 22024-09-300001287750Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., Class A units2024-09-300001287750arcc:PrecinmacUSHoldingsIncTrimasterManufacturingIncAndBladeGroupHoldingsLPMember2024-09-300001287750Prime Buyer, L.L.C., First lien senior secured revolving loan2024-09-300001287750Qnnect, LLC and Connector TopCo, LP, First lien senior secured loan2024-09-300001287750Qnnect, LLC and Connector TopCo, LP, Limited partnership interests2024-09-300001287750arcc:QnnectLLCAndConnectorTopCoLPMember2024-09-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 12024-09-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 22024-09-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured loan2024-09-300001287750arcc:RadiusAerospaceIncAndRadiusAerospaceEuropeLimitedMember2024-09-300001287750Radwell Parent, LLC, First lien senior secured revolving loan2024-09-300001287750Radwell Parent, LLC, First lien senior secured loan2024-09-300001287750arcc:RadwellParentLLCMember2024-09-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured revolving loan2024-09-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured loan2024-09-300001287750arcc:SunkRockFoundryPartnersLPHatterasElectricalManufacturingHoldingCompanyAndSigmaElectricManufacturingCorporationMember2024-09-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., First lien senior secured loan2024-09-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., Series A common units2024-09-300001287750arcc:SunvairAerospaceGroupInc.AndGBHeliosHoldingsL.P.Member2024-09-300001287750Two Six Labs, LLC, First lien senior secured loan2024-09-300001287750arcc:CapitalGoodsMember2024-09-300001287750Bowhunter Holdings, LLC, Common units2024-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., First lien senior secured loan2024-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Senior subordinated loan 12024-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Senior subordinated loan 22024-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Class A LP interests2024-09-300001287750arcc:CentricBrandsLLCCentricBrandsTopCoLLCAndCentricBrandsL.P.Member2024-09-300001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 12024-09-300001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 22024-09-300001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., Common stock2024-09-300001287750arcc:DRSHoldingsIIIIncAndDRSHoldingsIIncMember2024-09-300001287750Implus Footcare, LLC, First lien senior secured loan 12024-09-300001287750Implus Footcare, LLC, First lien senior secured loan 22024-09-300001287750Implus Footcare, LLC, First lien senior secured loan 32024-09-300001287750arcc:ImplusFootcareLLCMember2024-09-300001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., First lien senior secured loan 2024-09-300001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Series A convertible preferred stock2024-09-300001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Warrant to purchase shares of common stock2024-09-300001287750arcc:JohnnieOIncAndJohnnieOHoldingsIncMember2024-09-300001287750Lew's Intermediate Holdings, LLC, First lien senior secured revolving loan2024-09-300001287750Lew's Intermediate Holdings, LLC, First lien senior secured loan2024-09-300001287750arcc:LewsIntermediateHoldingsLLCMember2024-09-300001287750Pelican Products, Inc., First lien senior secured revolving loan2024-09-300001287750Pelican Products, Inc., Second lien senior secured loan2024-09-300001287750arcc:PelicanProductsIncMember2024-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 12024-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 22024-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 32024-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., Limited partnership interest2024-09-300001287750arcc:RawlingsSportingGoodsCompanyIncAndEastonDiamondSportsLLCMember2024-09-300001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 12024-09-300001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 22024-09-300001287750Reef Lifestyle, LLC, First lien senior secured loan 12024-09-300001287750Reef Lifestyle, LLC, First lien senior secured loan 22024-09-300001287750arcc:ReefLifestyleLLCMember2024-09-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Common units2024-09-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Class B common units2024-09-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Warrant to purchase units2024-09-300001287750arcc:SToysHoldingsLLCFkaTheStep2CompanyLLCMember2024-09-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 12024-09-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 22024-09-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 32024-09-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, Class A common units2024-09-300001287750arcc:ShoesForCrewsGlobalLLCAndShoesForCrewsHoldingsLLCMember2024-09-300001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 12024-09-300001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 22024-09-300001287750arcc:StAthenaGlobalLLCAndStAthenaGlobalHoldingsLimitedMember2024-09-300001287750SVP-Singer Holdings Inc. and SVP-Singer Holdings LP, Class A common units2024-09-300001287750Team Acquisition Corporation, First lien senior secured loan2024-09-300001287750arcc:ConsumerDurablesAndApparelMember2024-09-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., First lien senior secured loan2024-09-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Second lien senior secured loan2024-09-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Class A preferred units2024-09-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Series A preferred shares2024-09-300001287750arcc:BalrogAcquisitionIncBalrogTopcoIncAndBalrogParentLPMember2024-09-300001287750BGI Purchaser, Inc., First lien senior secured revolving loan2024-09-300001287750BGI Purchaser, Inc., First lien senior secured loan2024-09-300001287750arcc:BGIPurchaserInc.Member2024-09-300001287750BR PJK Produce, LLC, First lien senior secured loan 12024-09-300001287750BR PJK Produce, LLC, First lien senior secured loan 22024-09-300001287750arcc:BRPJKProduceLLCMember2024-09-300001287750City Line Distributors LLC and City Line Investments LLC, First lien senior secured loan2024-09-300001287750City Line Distributors LLC and City Line Investments LLC, Class A units2024-09-300001287750arcc:CityLineDistributorsLLCAndCityLineInvestmentsLLCMember2024-09-300001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured revolving loan2024-09-300001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured loan2024-09-300001287750DecoPac, Inc. and KCAKE Holdings Inc., Common stock2024-09-300001287750arcc:DecoPacIncAndKCAKEHoldingsIncMember2024-09-300001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured revolving loan2024-09-300001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured loan2024-09-300001287750FS Squared Holding Corp. and FS Squared, LLC, Class A units2024-09-300001287750arcc:FSSquaredHoldingCorpAndFSSquaredLLCMember2024-09-300001287750JWC/KI Holdings, LLC, Membership units2024-09-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., First lien senior secured loan2024-09-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., Limited partnership interests2024-09-300001287750arcc:LJPerimeterBuyerIncAndLJPerimeterCoInvestLPMember2024-09-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured revolving loan2024-09-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan2024-09-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, Class B limited liability company interest2024-09-300001287750arcc:MrGreensIntermediateLLCFloridaVegInvestmentsLLCMRGTexasLLCAndRestaurantProduceAndServicesBlockerLLCMember2024-09-300001287750Royal Borrower, LLC and Royal Parent, LP, First lien senior secured revolving loan2024-09-300001287750Royal Borrower, LLC and Royal Parent, LP, First lien senior secured loan2024-09-300001287750Royal Borrower, LLC and Royal Parent, LP, LLC, Class A preferred units2024-09-300001287750arcc:RoyalBorrowerLLCAndRoyalParentLPMember2024-09-300001287750SFE Intermediate Holdco LLC, First lien senior secured loan 12024-09-300001287750SFE Intermediate Holdco LLC, First lien senior secured loan 22024-09-300001287750SFE Intermediate Holdco LLC, First lien senior secured loan 32024-09-300001287750arcc:SFEIntermediateHoldcoLLCMember2024-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured revolving loan2024-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan2024-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units2024-09-300001287750arcc:WorldwideProduceAcquisitionLLCAndREPWWPCoinvestIVLPMember2024-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured revolving loan2024-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 12024-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 22024-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 32024-09-300001287750ZB Holdco LLC and ZB TopCo LLC, Series A units2024-09-300001287750arcc:ZBHoldcoLLCZBParentLLCMember2024-09-300001287750arcc:ConsumerStaplesDistributionAndRetailMember2024-09-300001287750Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC, First lien senior secured loan2024-09-300001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, First lien senior secured loan2024-09-300001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, Common units2024-09-300001287750arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember2024-09-300001287750Halcon Holdings, LLC, First lien senior secured loan 12024-09-300001287750HighPeak Energy, Inc., First lien senior secured loan2024-09-300001287750Murchison Oil and Gas, LLC and Murchison Holdings, LLC, First lien senior secured loan2024-09-300001287750Murchison Oil and Gas, LLC and Murchison Holdings, LLC, Preferred units2024-09-300001287750arcc:MurchisonOilAndGasLLCAndMurchisonHoldingsLLCMember2024-09-300001287750Offen, Inc., First lien senior secured loan2024-09-300001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 12024-09-300001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 22024-09-300001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 32024-09-300001287750VPROP Operating, LLC and V SandCo, LLC, Class A units2024-09-300001287750arcc:VPROPOperatingLLCAndVSandCoLLCMember2024-09-300001287750us-gaap:EnergySectorMember2024-09-300001287750Abzena Holdings, Inc. and Astro Group Holdings Ltd., A ordinary shares2024-09-300001287750ADMA Biologics Inc., First lien senior secured loan2024-09-300001287750Alcami Corporation and ACM Note Holdings, LLC, First lien senior secured loan2024-09-300001287750Alcami Corporation and ACM Note Holdings, LLC, Senior subordinated loan2024-09-300001287750arcc:AlcamiCorporationAndACMHoldingsILLCMember2024-09-300001287750Athyrium Buffalo LP, Limited partnership interests 12024-09-300001287750Athyrium Buffalo LP, Limited partnership interests 22024-09-300001287750arcc:AthyriumBuffaloLPMember2024-09-300001287750Bamboo US BidCo LLC, First lien senior secured loan2024-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured revolving loan2024-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 12024-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 22024-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 32024-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Preferred units2024-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Series A preferred shares2024-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Class A common units2024-09-300001287750arcc:CobaltBuyerSubIncCobaltHoldingsILPAndCobaltIntermediateIIncMember2024-09-300001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan 12024-09-300001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan 22024-09-300001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 12024-09-300001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 22024-09-300001287750arcc:NMCSkincareIntermediateHoldingsIILLCMember2024-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured revolving loan2024-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 12024-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 22024-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 32024-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 42024-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Senior subordinated loan2024-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Class A preferred units2024-09-300001287750arcc:NorthAmericanScienceAssociatesLLCCardinalPurchaserLLCAndCardinalTopcoHoldingsLPMember2024-09-300001287750Verista, Inc., First lien senior secured revolving loan2024-09-300001287750Verista, Inc., First lien senior secured loan2024-09-300001287750arcc:VeristaInc.Member2024-09-300001287750Vertice Pharma UK Parent Limited, Preferred shares2024-09-300001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., First lien senior secured loan2024-09-300001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., Limited partnership interest2024-09-300001287750arcc:WCIBXCPurchaserLLCAndWCIBXCInvestmentHoldingsL.P.Member2024-09-300001287750arcc:PharmaceuticalsBiotechnologyAndLifeSciencesMember2024-09-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured revolving loan2024-09-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan2024-09-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, Class A units2024-09-300001287750arcc:ASPRPacAcquisitionCoLLCAndASPRPacHoldingsLPMember2024-09-300001287750Halex Holdings, Inc., Common stock2024-09-300001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 12024-09-300001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 22024-09-300001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 32024-09-300001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, Second lien senior secured loan2024-09-300001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, Common units2024-09-300001287750arcc:HFoodHoldingsLLCAndMatterhornParentLLCMember2024-09-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured loan2024-09-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC, Common units2024-09-300001287750arcc:MeyerLaboratoryLLCAndMeyerParentLLCMember2024-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 12024-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 12024-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 22024-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., Class A units2024-09-300001287750arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember2024-09-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 12024-09-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 22024-09-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class A preferred units2024-09-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class C units2024-09-300001287750arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember2024-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, First lien senior secured loan2024-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Second lien senior secured loan2024-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Preferred units2024-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Co-Invest units2024-09-300001287750arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember2024-09-300001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured revolving loan2024-09-300001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 12024-09-300001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 22024-09-300001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 32024-09-300001287750arcc:PrecisionConceptsInternationalLLCAndPrecisionConceptsCanadaCorporationMember2024-09-300001287750Reagent Chemical & Research, LLC, First lien senior secured loan2024-09-300001287750SCI PH Parent, Inc., Series B shares2024-09-300001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 12024-09-300001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 22024-09-300001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 32024-09-300001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 42024-09-300001287750Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase shares of ordinary shares2024-09-300001287750Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase units of class B units2024-09-300001287750arcc:VobevLLCAndVobevHoldingsLLCMember2024-09-300001287750arcc:MaterialsSectorMember2024-09-300001287750American Seafoods Group LLC and American Seafoods Partners LLC, Class A units2024-09-300001287750American Seafoods Group LLC and American Seafoods Partners LLC, Warrant to purchase units of Class A units2024-09-300001287750arcc:AmericanSeafoodsGroupLLCAndAmericanSeafoodsPartnersLLCMember2024-09-300001287750Berner Food & Beverage, LLC, First lien senior secured revolving loan2024-09-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P., First lien senior secured loan2024-09-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P., Common units2024-09-300001287750arcc:BraggLiveFoodProductsLLCAndSPCInvestmentCoLPMember2024-09-300001287750CHG PPC Parent LLC & PPC CHG Blocker LLC, Common units2024-09-300001287750Demakes Borrower, LLC, First lien senior secured loan2024-09-300001287750Florida Food Products, LLC, First lien senior secured loan 12024-09-300001287750Florida Food Products, LLC, First lien senior secured loan 22024-09-300001287750Florida Food Products, LLC, Second lien senior secured loan2024-09-300001287750arcc:FloridaFoodProductsLLCMember2024-09-300001287750Gotham Greens Holdings, PBC, First lien senior secured loan2024-09-300001287750Gotham Greens Holdings, PBC, Series E-1 preferred stock 12024-09-300001287750Gotham Greens Holdings, PBC, Warrant to purchase shares of Series E-1 preferred stock2024-09-300001287750arcc:GothamGreensHoldingsPBCMember2024-09-300001287750KNPC HoldCo, LLC, First lien senior secured loan 12024-09-300001287750KNPC HoldCo, LLC, First lien senior secured loan 22024-09-300001287750KNPC HoldCo, LLC, First lien senior secured loan 32024-09-300001287750arcc:KNPCHoldCoLLCMember2024-09-300001287750Manna Pro Products, LLC, First lien senior secured revolving loan 12024-09-300001287750Manna Pro Products, LLC, First lien senior secured revolving loan 22024-09-300001287750arcc:MannaProProductsLLCMember2024-09-300001287750Max US Bidco Inc., First lien senior secured loan2024-09-300001287750RB Holdings InterCo, LLC, First lien senior secured revolving loan2024-09-300001287750RB Holdings InterCo, LLC, First lien senior secured loan2024-09-300001287750arcc:RBHoldingsInterCoLLCMember2024-09-300001287750Sugar PPC Buyer LLC, First lien senior secured loan2024-09-300001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., First lien senior secured loan2024-09-300001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., Warrant to purchase shares of common stock2024-09-300001287750arcc:TeasdaleFoodsIncAndFamiliaGroupHoldingsIncMember2024-09-300001287750Triton Water Holdings, Inc., First lien senior secured loan2024-09-300001287750Triton Water Holdings, Inc., Senior subordinated loan2024-09-300001287750arcc:TritonWaterHoldingsIncMember2024-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured revolving loan 12024-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured revolving loan 22024-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 12024-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 22024-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, Class A units2024-09-300001287750arcc:WatermillExpressLLCAndWatermillExpressHoldingsLLCMember2024-09-300001287750us-gaap:FoodAndBeverageMember2024-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 12024-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 22024-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 12024-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 22024-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Class A common units2024-09-300001287750arcc:AutomotiveKeysGroupLLCAndAutomotiveKeysInvestorLLCMember2024-09-300001287750Collision SP Subco, LLC, First lien senior secured revolving loan2024-09-300001287750Collision SP Subco, LLC, First lien senior secured loan2024-09-300001287750arcc:CollisionSPSubcoLLCMember2024-09-300001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 12024-09-300001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 22024-09-300001287750arcc:ContinentalAcquisitionHoldingsIncMember2024-09-300001287750Eckler Purchaser LLC, Class A common units2024-09-300001287750Faraday Buyer, LLC, First lien senior secured loan 12024-09-300001287750Faraday Buyer, LLC, First lien senior secured loan 22024-09-300001287750arcc:FaradayBuyerLLCMember2024-09-300001287750Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc., Warrant to purchase shares of Class A common stock2024-09-300001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, First lien senior secured revolving loan2024-09-300001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Second lien senior secured loan2024-09-300001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Co-invest units2024-09-300001287750arcc:HighlineAftermarketAcquisitionLLCHighlineAftermarketSCAcquisitionIncAndHighlinePPCBlockerLLCMember2024-09-300001287750New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured loan2024-09-300001287750New ChurcHill HoldCo LLC and Victory Topco, LP, Class A-2 common units2024-09-300001287750arcc:NewChurcHillHoldCoLLCAndVictoryTopcoLPMember2024-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured revolving loan2024-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 12024-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 22024-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 32024-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, Class A units2024-09-300001287750arcc:SunAcquirerCorpAndSunTopCoLPMember2024-09-300001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured revolving loan2024-09-300001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured loan2024-09-300001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, Class A common units2024-09-300001287750arcc:TruckLiteCo.LLCEccoHoldingsCorp.AndClarienceTechnologiesLLCMember2024-09-300001287750arcc:AutomobilesAndComponentsSectorMember2024-09-300001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., First lien senior secured loan2024-09-300001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., Common stock2024-09-300001287750arcc:BeaconWellnessBrandsIncAndCDIHoldingsICorpMember2024-09-300001287750Foundation Consumer Brands, LLC, First lien senior secured loan 12024-09-300001287750Foundation Consumer Brands, LLC, First lien senior secured loan 22024-09-300001287750arcc:FoundationConsumerBrandsLLCMember2024-09-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 12024-09-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 22024-09-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Preferred units2024-09-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Class B common units2024-09-300001287750arcc:LifeStylesBidcoLtd.LifestylesUSHoldcoInc.AndLifeStylesParentL.P.Member2024-09-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured revolving loan2024-09-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured loan2024-09-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., Limited partner interests2024-09-300001287750arcc:PremierSpecialtiesInc.AndRMCFVCIVXLIVL.P.Member2024-09-300001287750RD Holdco Inc., Senior subordinated loan 12024-09-300001287750RD Holdco Inc., Senior subordinated loan 22024-09-300001287750RD Holdco Inc., Common stock2024-09-300001287750arcc:RDHoldcoIncMember2024-09-300001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan2024-09-300001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 12024-09-300001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 22024-09-300001287750Silk Holdings III Corp. and Silk Holdings I Corp., Common stock2024-09-300001287750arcc:SilkHoldingsIIICorp.AndSilkHoldingsICorp.Member2024-09-300001287750Walnut Parent, Inc., First lien senior secured loan 12024-09-300001287750Walnut Parent, Inc., First lien senior secured loan 22024-09-300001287750arcc:WalnutParentIncMember2024-09-300001287750arcc:HouseholdAndPersonalProductsMember2024-09-300001287750Chariot Buyer LLC, First lien senior secured loan2024-09-300001287750Everspin Technologies, Inc., Warrant to purchase shares of common stock2024-09-300001287750Excelitas Technologies Corp., First lien senior secured loan2024-09-300001287750ITI Holdings, Inc., First lien senior secured revolving loan 12024-09-300001287750ITI Holdings, Inc., First lien senior secured revolving loan 22024-09-300001287750ITI Holdings, Inc., First lien senior secured loan2024-09-300001287750arcc:ITIHoldingsIncMember2024-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 12024-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 22024-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 32024-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Class A-2 units2024-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Limited partnership interests2024-09-300001287750arcc:PerkinElmerUSLLCAndNMPolarisCoInvestLPMember2024-09-300001287750Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured revolving loan2024-09-300001287750Repairify, Inc. and Repairify Holdings, LLC, Class A common units2024-09-300001287750arcc:RepairifyIncAndRepairifyHoldingsLLCMember2024-09-300001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured revolving loan2024-09-300001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 12024-09-300001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 22024-09-300001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 32024-09-300001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 42024-09-300001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, Limited partnership interests2024-09-300001287750arcc:WildcatBuyerCoIncAndWildcatParentLPMember2024-09-300001287750arcc:TechnologyHardwareAndEquipmentMember2024-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 12024-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 22024-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 32024-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 42024-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 52024-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., Common stock2024-09-300001287750arcc:ShurCoAcquisitionIncAndShurCoHoldCoIncMember2024-09-300001287750arcc:TransportationMember2024-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan2024-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 12024-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 22024-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 32024-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., Series A preferred stock2024-09-300001287750arcc:FlinnScientificIncAndWCIQuantumHoldingsIncMember2024-09-300001287750arcc:EducationMember2024-09-300001287750OPH NEP Investment, LLC, Senior subordinated loan2024-09-300001287750OPH NEP Investment, LLC, Class B common units2024-09-300001287750arcc:OPHNEPInvestmentLLCMember2024-09-300001287750arcc:RealEstateManagementAndDevelopmentMember2024-09-300001287750EUR, CIBC - Toronto, Company Settlement Date 10/25/20242024-09-300001287750CAD, CIBC - Toronto, Company Settlement Date 10/25/20242024-09-300001287750CAD, RBC - Toronto, Company Settlement Date 10/18/20242024-09-300001287750EUR, RBC - Toronto, Company Settlement Date 10/25/20242024-09-300001287750EGP, RBC - Toronto, Company Settlement Date 10/25/20242024-09-300001287750EGP, RBC - Toronto, Company Settlement Date 8/21/20262024-09-300001287750EGP, RBC - Toronto, Company Settlement Date 8/21/2026 (1)2024-09-300001287750EGP, CIBC - Toronto, Company Settlement Date 10/25/20242024-09-300001287750NZD, RBC - Toronto, Company Settlement Date 10/25/20242024-09-300001287750CAD, RBC - Toronto, Company Settlement Date 10/25/20242024-09-300001287750AUD, CIBC - Toronto, Company Settlement Date 11/17/20262024-09-300001287750EGP, CIBC - Toronto, Company Settlement Date 8/21/20262024-09-300001287750NOK, CIBC - Toronto, Company Settlement Date 10/25/20242024-09-300001287750EGP, RBC - Toronto, Company Settlement Date 8/21/2026 (2)2024-09-300001287750arcc:InterestRateSwap1Member2024-09-300001287750arcc:January2027NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001287750us-gaap:AccountsPayableAndAccruedLiabilitiesMemberarcc:InterestRateSwap1Member2024-09-300001287750arcc:InterestRateSwap2Member2024-09-300001287750arcc:March2029NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001287750us-gaap:AccountsPayableAndAccruedLiabilitiesMemberarcc:InterestRateSwap2Member2024-09-300001287750arcc:InterestRateSwap3Member2024-09-300001287750arcc:July2029NotesMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001287750us-gaap:OtherAssetsMemberarcc:InterestRateSwap3Member2024-09-300001287750us-gaap:InterestRateSwapMember2024-09-300001287750Apex Clean Energy TopCo, LLC2024-01-012024-09-300001287750Apex Clean Energy TopCo, LLC2024-09-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2024-01-012024-09-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2024-09-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2024-01-012024-09-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2024-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2024-01-012024-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2024-09-300001287750Daylight Beta Parent LLC and CFCo, LLC2024-01-012024-09-300001287750Daylight Beta Parent LLC and CFCo, LLC2024-09-300001287750ESCP PPG Holdings, LLC2024-01-012024-09-300001287750ESCP PPG Holdings, LLC2024-09-300001287750European Capital UK SME Debt LP2024-01-012024-09-300001287750European Capital UK SME Debt LP2024-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2024-01-012024-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2024-09-300001287750OPH NEP Investment, LLC2024-01-012024-09-300001287750OPH NEP Investment, LLC2024-09-300001287750PCG-Ares Sidecar Investment, L.P.2024-01-012024-09-300001287750PCG-Ares Sidecar Investment, L.P.2024-09-300001287750PCG-Ares Sidecar Investment II, L.P.2024-01-012024-09-300001287750PCG-Ares Sidecar Investment II, L.P.2024-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC2024-01-012024-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC2024-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC2024-01-012024-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC2024-09-300001287750Shoes For crews Global, LLC and Shoes for crews Holdings, LLC2024-01-012024-09-300001287750Shoes For crews Global, LLC and Shoes for crews Holdings, LLC2024-09-300001287750Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2024-01-012024-09-300001287750Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2024-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2024-01-012024-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2024-09-300001287750ACAS Equity Holdings Corporation2024-01-012024-09-300001287750ACAS Equity Holdings Corporation2024-09-300001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2024-01-012024-09-300001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2024-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC2024-01-012024-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC2024-09-300001287750CoLTs 2005-1 Ltd.2024-01-012024-09-300001287750CoLTs 2005-1 Ltd.2024-09-300001287750Eckler Industries, Inc. and Eckler Purchaser LLC2024-01-012024-09-300001287750Eckler Industries, Inc. and Eckler Purchaser LLC2024-09-300001287750Halex Holdings, Inc.2024-01-012024-09-300001287750Halex Holdings, Inc.2024-09-300001287750HCI Equity, LLC2024-01-012024-09-300001287750HCI Equity, LLC2024-09-300001287750Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC2024-01-012024-09-300001287750Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC2024-09-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation2024-01-012024-09-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation2024-09-300001287750Ivy Hill Asset Management, L.P.2024-01-012024-09-300001287750Ivy Hill Asset Management, L.P.2024-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC2024-01-012024-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC2024-09-300001287750Potomac Intermediate Holdings II LLC2024-01-012024-09-300001287750Potomac Intermediate Holdings II LLC2024-09-300001287750PS Operating Company LLC and PS Op Holdings LLC2024-01-012024-09-300001287750PS Operating Company LLC and PS Op Holdings LLC2024-09-300001287750RD Holdco Inc.2024-01-012024-09-300001287750RD Holdco Inc.2024-09-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC)2024-01-012024-09-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC)2024-09-300001287750Senior Direct Lending Program, LLC2024-01-012024-09-300001287750Senior Direct Lending Program, LLC2024-09-300001287750Startec Equity, LLC2024-01-012024-09-300001287750Startec Equity, LLC2024-09-300001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.2024-01-012024-09-300001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.2024-09-300001287750Visual Edge Technology, Inc.2024-01-012024-09-300001287750Visual Edge Technology, Inc.2024-09-300001287750VPROP Operating, LLC and V SandCo, LLC2024-01-012024-09-300001287750VPROP Operating, LLC and V SandCo, LLC2024-09-300001287750arcc:AresCapitalCorporationMemberarcc:SubordinatedCertificatesOfTheSDLPMembersrt:MinimumMember2024-09-300001287750arcc:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMemberarcc:InvestmentsAtFairValueAndOtherNonQualifyingAssetsMember2024-01-012024-09-300001287750McKenzie Creative Brands, LLC, First lien senior secured loan, First Out Tranche2024-09-300001287750DFC Global Facility Borrower III LLC, First lien senior secured revolving loan, Secured borrowing2024-09-3000012877503 Step Sports LLC2024-09-300001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.2024-09-300001287750Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC2024-09-300001287750Actfy Buyer, Inc.2024-09-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP2024-09-300001287750ADMA Biologics Inc.2024-09-300001287750Aduro Advisors, LLC2024-09-300001287750Advarra Holdings, Inc.2024-09-300001287750AI Fire Buyer, Inc. and AI Fire Parent LLC2024-09-300001287750AI Titan Parent, Inc.2024-09-300001287750Airx Climate Solutions, Inc.2024-09-300001287750Alcami Corporation and ACM Note Holdings, LLC2024-09-300001287750Aldinger Company Inc2024-09-300001287750Alera Group, Inc.2024-09-300001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP2024-09-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP2024-09-300001287750Anaplan, Inc.2024-09-300001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua2024-09-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC2024-09-300001287750Applied Technical Services, LLC2024-09-300001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.2024-09-300001287750Aptean, Inc. and Aptean Acquiror Inc.2024-09-300001287750AQ Sage Buyer, LLC2024-09-300001287750AQ Sunshine, Inc.2024-09-300001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc.2024-09-300001287750Artifact Bidco, Inc.2024-09-300001287750Artivion, Inc.2024-09-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP2024-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (1)2024-09-300001287750ATI Restoration, LLC2024-09-300001287750Avalara, Inc.2024-09-300001287750Avalign Holdings, Inc. and Avalign Technologies, Inc.2024-09-300001287750Bamboo US BidCo LLC2024-09-300001287750Banyan Software Holdings, LLC and Banyan Software, LP2024-09-300001287750Beacon Pointe Harmony, LLC2024-09-300001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp.2024-09-300001287750Belfor Holdings, Inc.2024-09-300001287750Benecon Midco II LLC and Benecon Holdings, LLC2024-09-300001287750Berner Food & Beverage, LLC2024-09-300001287750BGI Purchaser, Inc.2024-09-300001287750BGIF IV Fearless Utility Services, Inc.2024-09-300001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC2024-09-300001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P.2024-09-300001287750Borrower R365 Holdings LLC2024-09-300001287750Bottomline Technologies, Inc. and Legal Spend Holdings, LLC2024-09-300001287750BR PJK Produce, LLC2024-09-300001287750BradyPlus Holdings, LLC2024-09-300001287750Broadcast Music, Inc.2024-09-300001287750Businessolver.com, Inc.2024-09-300001287750Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP2024-09-300001287750Captive Resources Midco, LLC2024-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.2024-09-300001287750Center for Autism and Related Disorders, LLC2024-09-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc.2024-09-300001287750Chariot Buyer LLC2024-09-300001287750City Line Distributors LLC and City Line Investments LLC2024-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC2024-09-300001287750Cliffwater LLC2024-09-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.2024-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc.2024-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.2024-09-300001287750Collision SP Subco, LLC2024-09-300001287750Compex Legal Services, Inc.2024-09-300001287750Comprehensive EyeCare Partners, LLC2024-09-300001287750Computer Services, Inc.2024-09-300001287750Concert Golf Partners Holdco LLC2024-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.2024-09-300001287750Convera International Holdings Limited and Convera International Financial S.A R.L.2024-09-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP2024-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.2024-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.2024-09-300001287750Coupa Holdings, LLC and Coupa Software Incorporated2024-09-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC2024-09-300001287750CST Holding Company2024-09-300001287750Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc.2024-09-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC2024-09-300001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc.2024-09-300001287750DecoPac, Inc. and KCAKE Holdings Inc.2024-09-300001287750Demakes Borrower, LLC2024-09-300001287750Denali Holdco LLC and Denali Apexco LP2024-09-300001287750DFC Global Facility Borrower III LLC2024-09-300001287750DFS Holding Company, Inc.2024-09-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc.2024-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.2024-09-300001287750Dorado Bidco, Inc.2024-09-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (1)2024-09-300001287750DP Flores Holdings, LLC2024-09-300001287750DriveCentric Holdings, LLC2024-09-300001287750Drogon Bidco Inc. & Drogon Aggregator LP2024-09-300001287750DRS Holdings III, Inc. and DRS Holdings I, Inc.2024-09-300001287750Duraserv LLC2024-09-300001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP2024-09-300001287750Echo Purchaser, Inc.2024-09-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc.2024-09-300001287750Edmunds Govtech, Inc.2024-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc.2024-09-300001287750Elevation Services Parent Holdings, LLC2024-09-300001287750Empower Payments Investor, LLC2024-09-300001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc.2024-09-300001287750EpiServer Inc. and Episerver Sweden Holdings AB2024-09-300001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT2024-09-300001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.2024-09-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC2024-09-300001287750Eternal Aus Bidco Pty Ltd2024-09-300001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc.2024-09-300001287750Excelitas Technologies Corp.2024-09-300001287750Extrahop Networks, Inc.2024-09-300001287750Faraday Buyer, LLC2024-09-300001287750Fever Labs, Inc.2024-09-300001287750Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.2024-09-300001287750FL Hawk Intermediate Holdings, Inc.2024-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.2024-09-300001287750Flint OpCo, LLC2024-09-300001287750FlyWheel Acquireco, Inc.2024-09-300001287750Forescout Technologies, Inc.2024-09-300001287750Foundation Risk Partners, Corp.2024-09-300001287750FS Squared Holding Corp. and FS Squared, LLC2024-09-300001287750Galway Borrower LLC2024-09-300001287750GC Waves Holdings, Inc.2024-09-300001287750Generator Buyer, Inc.2024-09-300001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.2024-09-300001287750GI Ranger Intermediate LLC2024-09-300001287750Global Music Rights, LLC2024-09-300001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I2024-09-300001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC2024-09-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC2024-09-300001287750GSV Purchaser, Inc.2024-09-300001287750GTCR Everest Borrower, LLC2024-09-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP (1)2024-09-300001287750Guidepoint Security Holdings, LLC2024-09-300001287750Hanger, Inc.2024-09-300001287750Harvey Tool Company, LLC2024-09-300001287750HealthEdge Software, Inc.2024-09-300001287750Heavy Construction Systems Specialists, LLC2024-09-300001287750Helios Service Partners, LLC and Astra Service Partners, LLC2024-09-300001287750Help/Systems Holdings, Inc.2024-09-300001287750HGC Holdings, LLC2024-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP2024-09-300001287750Higginbotham Insurance Agency, Inc.2024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC (1)2024-09-300001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC2024-09-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP2024-09-300001287750HP RSS Buyer, Inc.2024-09-300001287750HPCC Parent, Inc. and Patriot Container Corp.2024-09-300001287750HuFriedy Group Acquisition LLC2024-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP2024-09-300001287750Hyland Software, Inc.2024-09-300001287750Icefall Parent, Inc.2024-09-300001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P.2024-09-300001287750Inszone Mid, LLC and INSZ Holdings, LLC2024-09-300001287750Internet Truckstop Group LLC2024-09-300001287750IQN Holding Corp.2024-09-300001287750IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P.2024-09-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.2024-09-300001287750ITI Holdings, Inc.2024-09-300001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc.2024-09-300001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC)2024-09-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC2024-09-300001287750Kene Acquisition, Inc. and Kene Holdings, L.P.2024-09-300001287750Keystone Agency Partners LLC2024-09-300001287750Kings Buyer, LLC2024-09-300001287750KPS Global LLC and Cool Group LLC2024-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC2024-09-300001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP2024-09-300001287750LeanTaaS Holdings, Inc.2024-09-300001287750Legends Hospitality Holding Company, LLC and ASM Buyer, Inc.2024-09-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.2024-09-300001287750Lew's Intermediate Holdings, LLC2024-09-300001287750Lido Advisors, LLC2024-09-300001287750Lightbeam Bidco, Inc.2024-09-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (1)2024-09-300001287750LJP Purchaser, Inc. and LJP Topco, LP2024-09-300001287750Mai Capital Management Intermediate LLC2024-09-300001287750Majesco and Magic Topco, L.P.2024-09-300001287750Manna Pro Products, LLC2024-09-300001287750Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP2024-09-300001287750McKenzie Creative Brands, LLC2024-09-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC2024-09-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.2024-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC2024-09-300001287750Monica Holdco (US) Inc.2024-09-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC2024-09-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC2024-09-300001287750MRI Software LLC2024-09-300001287750Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc.2024-09-300001287750NAS, LLC and Nationwide Marketing Group, LLC2024-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.2024-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.2024-09-300001287750Netsmart, Inc. and Netsmart Technologies, Inc.2024-09-300001287750New ChurcHill HoldCo LLC and Victory Topco, LP2024-09-300001287750Next Holdco, LLC2024-09-300001287750NMC Skincare Intermediate Holdings II, LLC2024-09-300001287750NMN Holdings III Corp. and NMN Holdings LP2024-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.2024-09-300001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC2024-09-300001287750North Haven Stack Buyer, LLC2024-09-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited2024-09-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC2024-09-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP2024-09-300001287750OMH-HealthEdge Holdings, LLC2024-09-300001287750OneDigital Borrower LLC2024-09-300001287750Packaging Coordinators Midco, Inc.2024-09-300001287750Paragon 28, Inc. and Paragon Advanced Technologies, Inc.2024-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (1)2024-09-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC2024-09-300001287750Patriot Growth Insurance Services, LLC2024-09-300001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC2024-09-300001287750PCS MidCo, Inc. and PCS Parent, L.P.2024-09-300001287750PDDS HoldCo, Inc.2024-09-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC2024-09-300001287750Pelican Products, Inc.2024-09-300001287750People Corporation2024-09-300001287750Perforce Software, Inc.2024-09-300001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP2024-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P.2024-09-300001287750PestCo Holdings, LLC and PestCo, LLC2024-09-300001287750Petrus Buyer, Inc.2024-09-300001287750PetVet Care Centers, LLC2024-09-300001287750Petvisor Holdings, LLC2024-09-300001287750Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc.2024-09-300001287750Ping Identity Holding Corp.2024-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC2024-09-300001287750Precision Concepts International LLC and Precision Concepts Canada Corporation2024-09-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.2024-09-300001287750Premiere Buyer, LLC2024-09-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP2024-09-300001287750Prime Buyer, L.L.C.2024-09-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC2024-09-300001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.2024-09-300001287750Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.2024-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P.2024-09-300001287750Proofpoint, Inc.2024-09-300001287750PSC Parent, Inc.2024-09-300001287750PYE-Barker Fire & Safety, LLC2024-09-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC2024-09-300001287750QF Holdings, Inc.2024-09-300001287750Qnnect, LLC and Connector TopCo, LP2024-09-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.2024-09-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited2024-09-300001287750Radwell Parent, LLC2024-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC2024-09-300001287750RB Holdings InterCo, LLC2024-09-300001287750Reagent Chemical & Research, LLC2024-09-300001287750Reddy Ice LLC2024-09-300001287750Redwood Services, LLC and Redwood Services Holdco, LLC2024-09-300001287750Reef Lifestyle, LLC2024-09-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.2024-09-300001287750Relativity ODA LLC2024-09-300001287750Repairify, Inc. and Repairify Holdings, LLC2024-09-300001287750Revalize, Inc.2024-09-300001287750Rialto Management Group, LLC2024-09-300001287750Riser Topco II, LLC2024-09-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc.2024-09-300001287750Rodeo AcquisitionCo LLC2024-09-300001287750Royal Borrower, LLC and Royal Parent, LP2024-09-300001287750RTI Surgical, Inc. and Pioneer Surgical Technology, Inc.2024-09-300001287750SageSure Holdings, LLC and SageSure LLC2024-09-300001287750SAPPHIRE SOFTWARE BUYER, INC.2024-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (1)2024-09-300001287750SCIH Salt Holdings Inc.2024-09-300001287750SCM Insurance Services Inc.2024-09-300001287750SePro Holdings, LLC2024-09-300001287750Severin Acquisition, LLC2024-09-300001287750SG Acquisition, Inc.2024-09-300001287750Shermco Intermediate Holdings, Inc.2024-09-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC2024-09-300001287750SIG Parent Holdings, LLC2024-09-300001287750Silk Holdings III Corp. and Silk Holdings I Corp.2024-09-300001287750SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC2024-09-300001287750SM Wellness Holdings, Inc. and SM Holdco, LLC2024-09-300001287750Smarsh Inc. and Skywalker TopCo, LLC2024-09-300001287750Spark Purchaser, Inc.2024-09-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp2024-09-300001287750St Athena Global LLC and St Athena Global Holdings Limited2024-09-300001287750Star US Bidco LLC2024-09-300001287750Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC2024-09-300001287750Sugar PPC Buyer LLC2024-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP2024-09-300001287750Sundance Group Holdings, Inc.2024-09-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation2024-09-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P.2024-09-300001287750Superman Holdings, LLC2024-09-300001287750SV Newco 2, Inc. and Site 2020 Incorporated2024-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.2024-09-300001287750Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC2024-09-300001287750Systems Planning and Analysis, Inc.2024-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.2024-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.2024-09-300001287750TCP Hawker Intermediate LLC2024-09-300001287750Team Acquisition Corporation2024-09-300001287750The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.2024-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP2024-09-300001287750The Hiller Companies, LLC2024-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC2024-09-300001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP2024-09-300001287750Thermostat Purchaser III, Inc.2024-09-300001287750THG Acquisition, LLC2024-09-300001287750Trader Corporation and Project Auto Finco Corp.2024-09-300001287750Transit Technologies LLC2024-09-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP2024-09-300001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC2024-09-300001287750Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC2024-09-300001287750TSS Buyer, LLC2024-09-300001287750Two Six Labs, LLC2024-09-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP2024-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC2024-09-300001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.2024-09-300001287750Valcourt Holdings II, LLC and Jobs Holdings, Inc.2024-09-300001287750Verista, Inc.2024-09-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC2024-09-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P.2024-09-300001287750Vobev, LLC and Vobev Holdings, LLC2024-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.2024-09-300001287750VRC Companies, LLC2024-09-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC2024-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC2024-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC2024-09-300001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.2024-09-300001287750Wealth Enhancement Group, LLC2024-09-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc.2024-09-300001287750Wellington Bidco Inc. and Wellington TopCo LP2024-09-300001287750Wellington-Altus Financial Inc. (2)2024-09-300001287750Wellness AcquisitionCo, Inc.2024-09-300001287750Wellpath Holdings, Inc.2024-09-300001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP2024-09-300001287750WorkWave Intermediate II, LLC2024-09-300001287750World Insurance Associates, LLC and World Associates Holdings, LLC2024-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (1)2024-09-300001287750WRE Sports Investments LLC2024-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC2024-09-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC2024-09-300001287750YE Brands Holdings, LLC2024-09-300001287750ZB Holdco LLC and ZB TopCo LLC2024-09-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP2024-09-300001287750Zinc Buyer Corporation2024-09-300001287750arcc:RevolvingAndDelayedDrawLoanCommitmentsMember2024-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP2024-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (2)2024-09-300001287750Constellation Wealth Capital Fund, L.P.2024-09-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (2)2024-09-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP (2)2024-09-300001287750HFCP XI (Parallel - A), L.P.2024-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC (2)2024-09-300001287750Linden Structured Capital Fund II-A LP2024-09-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (2)2024-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (2)2024-09-300001287750PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.2024-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P.2024-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (2)2024-09-300001287750Wellington-Altus Financial Inc. (1)2024-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (2)2024-09-300001287750arcc:EquityInvestmentCommitmentsMember2024-09-300001287750arcc:SeniorDirectLendingProgramMemberarcc:AresCapitalCorporationMember2024-09-300001287750AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, First lien senior secured loan 12023-12-310001287750AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, First lien senior secured loan 22023-12-310001287750AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, First lien senior secured loan 32023-12-310001287750AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, Senior subordinated loan2023-12-310001287750arcc:AffiniPayMidcoLLCAndAffiniPayIntermediateHoldingsLLCMember2023-12-310001287750Anaplan, Inc., First lien senior secured loan2023-12-310001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 12023-12-310001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 22023-12-310001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, Limited partnership units2023-12-310001287750arcc:AnaquaParentHoldingsIncAstorgVIICoInvestAnaquaMember2023-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC, First lien senior secured loan2023-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC, Class A membership units2023-12-310001287750arcc:APGIntermediateHoldingsCorporationAndAPGHoldingsLLCMember2023-12-310001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., First lien senior secured loan2023-12-310001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., Series A preferred shares2023-12-310001287750arcc:ApprissHealthLLCAndApprissHealthIntermediateHoldingsIncMember2023-12-310001287750Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured loan2023-12-310001287750Auctane, Inc., First lien senior secured loan2023-12-310001287750Avalara, Inc., First lien senior secured loan2023-12-310001287750Avetta, LLC, First lien senior secured loan2023-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured revolving loan2023-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 12023-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 22023-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 32023-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, Preferred units2023-12-310001287750arcc:BanyanSoftwareHoldingsLLCAndBanyanSoftwareLPMember2023-12-310001287750BCTO Ignition Purchaser, Inc., First lien senior secured loan2023-12-310001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., First lien senior secured loan2023-12-310001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., Class A-1 units2023-12-310001287750arcc:BobcatPurchaserLLCAndBobcatTopcoLPMember2023-12-310001287750Borrower R365 Holdings LLC, First lien senior secured loan 12023-12-310001287750Borrower R365 Holdings LLC, First lien senior secured loan 22023-12-310001287750arcc:BorrowerR365HoldingsLLCMember2023-12-310001287750Bottomline Technologies, Inc. and Legal Spend Holdings, LLC, First lien senior secured loan 12023-12-310001287750Bottomline Technologies, Inc. and Legal Spend Holdings, LLC, First lien senior secured loan 22023-12-310001287750arcc:BottomlineTechnologiesIncAndLegalSpendHoldingsLLCMember2023-12-310001287750Businessolver.com, Inc., First lien senior secured loan2023-12-310001287750CallMiner, Inc., Warrant to purchase shares of Series 1 preferred stock2023-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., First lien senior secured revolving loan 12023-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., First lien senior secured revolving loan 22023-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Second lien senior secured loan2023-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A preferred shares2023-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-2 preferred shares2023-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-3 preferred shares2023-12-310001287750arcc:CardinalParentIncAndPackersSoftwareIntermediateHoldingsIncMember2023-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured notes2023-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured loan2023-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Second lien senior secured notes2023-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Series A preferred stock2023-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Limited partnership interests2023-12-310001287750arcc:CloudSoftwareGroupIncPicardParentIncCloudSoftwareGroupHoldingsIncPicardHoldCoLLCAndElliottAltoCoInvestorAggregatorLPMember2023-12-310001287750Community Brands ParentCo, LLC, First lien senior secured loan2023-12-310001287750Community Brands ParentCo, LLC, Class A units2023-12-310001287750arcc:CommunityBrandsParentCoLLCMember2023-12-310001287750Computer Services, Inc., First lien senior secured loan2023-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 12023-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 22023-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 32023-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 12023-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 22023-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 32023-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 42023-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Common units2023-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Series A common units2023-12-310001287750arcc:ConsilioMidcoLimitedCompusoftUSLLCAndConsilioInvestmentHoldingsLPMember2023-12-310001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Second lien senior secured loan2023-12-310001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Limited partnership units2023-12-310001287750arcc:CoreLogicIncAndTVIIICelestialCoInvestLPMember2023-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 12023-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 22023-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 32023-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 42023-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 52023-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 62023-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Preferred equity2023-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Common equity2023-12-310001287750arcc:CoritySoftwareIncCoritySoftwareUSAIncAndCorityParentIncMember2023-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured revolving loan2023-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Second lien senior secured loan2023-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Series A preferred shares2023-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Class A-1 common stock2023-12-310001287750arcc:CornerstoneOnDemandIncAndSunshineSoftwareHoldingsIncMember2023-12-310001287750Coupa Holdings, LLC and Coupa Software Incorporated, First lien senior secured loan2023-12-310001287750Crosspoint Capital AS SPV, LP, First lien senior secured revolving loan2023-12-310001287750Crosspoint Capital AS SPV, LP, First lien senior secured loan2023-12-310001287750Crosspoint Capital AS SPV, LP, Limited partnership interest2023-12-310001287750arcc:CrosspointCapitalASSPVLPMember2023-12-310001287750Datix Bidco Limited, First lien senior secured loan2023-12-310001287750Datix Bidco Limited, Second lien senior secured loan2023-12-310001287750arcc:DatixBidcoLimitedMember2023-12-310001287750Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Second lien senior secured loan2023-12-310001287750Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A preferred shares2023-12-310001287750Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A units2023-12-310001287750arcc:DcertBuyerIncDCertPreferredHoldingsIncAndDestinyDigitalHoldingsLPMember2023-12-310001287750Denali Holdco LLC and Denali Apexco LP, First lien senior secured loan 12023-12-310001287750Denali Holdco LLC and Denali Apexco LP, First lien senior secured loan 22023-12-310001287750Denali Holdco LLC and Denali Apexco LP, Class A units2023-12-310001287750arcc:DenaliHoldcoLLCAndDenaliApexcoLPMember2023-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured revolving loan2023-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 12023-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 22023-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 32023-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 42023-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 52023-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., Preferred stock2023-12-310001287750arcc:DiligentCorporationAndDiligentPreferredIssuerIncMember2023-12-310001287750DS Admiral Bidco, LLC, First lien senior secured loan2023-12-310001287750Dye & Durham Corporation, First lien senior secured revolving loan2023-12-310001287750Dye & Durham Corporation, First lien senior secured loan2023-12-310001287750arcc:DyeDurhamCorporationMember2023-12-310001287750Echo Purchaser, Inc., First lien senior secured revolving loan2023-12-310001287750Echo Purchaser, Inc., First lien senior secured loan2023-12-310001287750arcc:EchoPurchaserIncMember2023-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured revolving loan2023-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 12023-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 22023-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., Preferred equity2023-12-310001287750arcc:ElemicaParentIncEZElemicaHoldingsIncMember2023-12-310001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., First lien senior secured loan2023-12-310001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., Preferred stock2023-12-310001287750arcc:EnverusHoldingsIncAndTitanDIPreferredHoldingsIncMember2023-12-310001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., First lien senior secured loan2023-12-310001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Second lien senior secured loan2023-12-310001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Partnership units2023-12-310001287750arcc:EPPurchaserLLCAndTPGVIIIEPCoInvestIILPMember2023-12-310001287750EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 12023-12-310001287750EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 22023-12-310001287750EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 32023-12-310001287750arcc:EpiServerIncAndEpiserverSwedenHoldingsABMember2023-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, First lien senior secured loan2023-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 12023-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 22023-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Limited partnership interest2023-12-310001287750arcc:EResearchTechnologyIncAndAstorgVIICoInvestERTMember2023-12-310001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured revolving loan2023-12-310001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured loan2023-12-310001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., Limited partner interests2023-12-310001287750arcc:ESHAResearchLLCAndRMCFVICIVXLVIIILPMember2023-12-310001287750Extrahop Networks, Inc., First lien senior secured loan 12023-12-310001287750Extrahop Networks, Inc., First lien senior secured loan 22023-12-310001287750arcc:ExtraHopNetworksIncMember2023-12-310001287750Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L., First lien senior secured loan2023-12-310001287750First Insight, Inc., Warrant to purchase shares of Series C preferred stock2023-12-310001287750Forescout Technologies, Inc., First lien senior secured loan 12023-12-310001287750Forescout Technologies, Inc., First lien senior secured loan 22023-12-310001287750arcc:ForescoutTechnologiesIncMember2023-12-310001287750Genesis Acquisition Co. and Genesis Ultimate Holding Co., First lien senior secured revolving loan2023-12-310001287750Genesis Acquisition Co. and Genesis Ultimate Holding Co., First lien senior secured loan 12023-12-310001287750Genesis Acquisition Co. and Genesis Ultimate Holding Co., First lien senior secured loan 22023-12-310001287750Genesis Acquisition Co. and Genesis Ultimate Holding Co., Second lien senior secured loan 12023-12-310001287750Genesis Acquisition Co. and Genesis Ultimate Holding Co., Second lien senior secured loan 22023-12-310001287750Genesis Acquisition Co. and Genesis Ultimate Holding Co., Second lien senior secured loan 32023-12-310001287750Genesis Acquisition Co. and Genesis Ultimate Holding Co., Class A common stock2023-12-310001287750arcc:GenesisAcquisitionCoAndGenesisUltimateHoldingCoMember2023-12-310001287750GI Ranger Intermediate LLC, First lien senior secured revolving loan2023-12-310001287750GI Ranger Intermediate LLC, First lien senior secured loan 12023-12-310001287750GI Ranger Intermediate LLC, First lien senior secured loan 22023-12-310001287750arcc:GIRangerIntermediateLLCMember2023-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured revolving loan2023-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 12023-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 22023-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 32023-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 42023-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Senior subordinated loan2023-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Preferred units2023-12-310001287750arcc:GraphPADSoftwareLLCInsightfulScienceIntermediateILLCAndInsightfulScienceHoldingsLLCMember2023-12-310001287750Guidepoint Security Holdings, LLC, First lien senior secured loan2023-12-310001287750Heavy Construction Systems Specialists, LLC, First lien senior secured loan2023-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured revolving loan2023-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured loan2023-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Senior subordinated loan2023-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Company units2023-12-310001287750arcc:HuskiesParentIncGIInsurityParentLLCAndGIInsurityTopcoLPMember2023-12-310001287750Hyland Software, Inc., First lien senior secured loan2023-12-310001287750Imprivata, Inc., Second lien senior secured loan2023-12-310001287750Inmar, Inc., First lien senior secured loan2023-12-310001287750IQN Holding Corp., First lien senior secured loan2023-12-310001287750IV Rollover Holdings, LLC, Class B units2023-12-310001287750IV Rollover Holdings, LLC, Class X units2023-12-310001287750arcc:IVRolloverHoldingsLLCMember2023-12-310001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured revolving loan2023-12-310001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured loan2023-12-310001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., Preferred stock2023-12-310001287750arcc:KaseyaIncAndKnockoutIntermediateHoldingsIIncMember2023-12-310001287750LeanTaaS Holdings, Inc., First lien senior secured loan2023-12-310001287750Majesco and Magic Topco, L.P., First lien senior secured loan2023-12-310001287750Majesco and Magic Topco, L.P., Class A units2023-12-310001287750Majesco and Magic Topco, L.P., Class B units2023-12-310001287750arcc:MajescoAndMagicTopcoLPMember2023-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 12023-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 22023-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, Limited partnership interest2023-12-310001287750arcc:MimecastBorrowercoIncAndMagnesiumCoInvestSCSpMember2023-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured revolving loan 12023-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured revolving loan 22023-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured loan2023-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., Limited partner interests2023-12-310001287750arcc:MinistryBrandsHoldingsLLCAndRCPMBInvestmentsBLPMember2023-12-310001287750Mitchell International, Inc., First lien senior secured loan2023-12-310001287750Mitchell International, Inc., Second lien senior secured loan2023-12-310001287750arcc:MitchellInternationalIncMember2023-12-310001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured revolving loan2023-12-310001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured loan2023-12-310001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, Class A units2023-12-310001287750arcc:MoonrakerAcquisitionCoLLCAndMoonrakerHoldCoLLCMember2023-12-310001287750MRI Software LLC, First lien senior secured loan 12023-12-310001287750MRI Software LLC, First lien senior secured loan 22023-12-310001287750arcc:MRISoftwareLLCMember2023-12-310001287750Netsmart, Inc. and Netsmart Technologies, Inc., First lien senior secured loan2023-12-310001287750OpenMarket Inc., First lien senior secured loan2023-12-310001287750PDDS HoldCo, Inc., First lien senior secured revolving loan2023-12-310001287750PDDS HoldCo, Inc., First lien senior secured loan2023-12-310001287750arcc:PDDSHoldCoIncMember2023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured revolving loan2023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured loan2023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 12023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 22023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 32023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 42023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 52023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Series A preferred stock2023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Class A units2023-12-310001287750arcc:PDITAHoldingsIncPeachtreeParentIncAndInsightPDIHoldingsLLCMember2023-12-310001287750Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured loan 12023-12-310001287750Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured loan 22023-12-310001287750Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured loan 32023-12-310001287750Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, Class A units2023-12-310001287750arcc:PegasusGlobalEnterpriseHoldingsLLCMekoneBlockerAcquisitionIncAndMekoneParentLLCMember2023-12-310001287750Perforce Software, Inc., First lien senior secured revolving loan2023-12-310001287750Petvisor Holdings, LLC, First lien senior secured loan 12023-12-310001287750Petvisor Holdings, LLC, First lien senior secured loan 22023-12-310001287750arcc:PetvisorHoldingsLLCMember2023-12-310001287750Ping Identity Holding Corp., First lien senior secured loan2023-12-310001287750Pluralsight, Inc., First lien senior secured revolving loan2023-12-310001287750Pluralsight, Inc., First lien senior secured loan2023-12-310001287750arcc:PluralsightIncMember2023-12-310001287750Poplicus Incorporated, Warrant to purchase shares of Series C preferred stock2023-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured revolving loan2023-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured loan2023-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Senior subordinated loan2023-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Class A units2023-12-310001287750arcc:PracticeTekPurchaserLLCPracticeTekMidCoLLCAndGSVPracticeTekHoldingsLLCMember2023-12-310001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., First lien senior secured loan2023-12-310001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., Limited partnership units2023-12-310001287750arcc:ProfitSolvPurchaserIncAndPSCoInvestLPMember2023-12-310001287750Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class A common stock2023-12-310001287750Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class B common stock2023-12-310001287750arcc:ProjectAlphaIntermediateHoldingIncAndQlikParentIncMember2023-12-310001287750Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., First lien senior secured loan2023-12-310001287750Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., Preferred shares2023-12-310001287750arcc:ProjectEssentialBidcoIncAndProjectEssentialSuperParentIncMember2023-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured revolving loan2023-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 12023-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 22023-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 32023-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., Class B units2023-12-310001287750arcc:ProjectPotterBuyerLLCAndProjectPotterParentLPMember2023-12-310001287750Proofpoint, Inc., First lien senior secured loan2023-12-310001287750Proofpoint, Inc., Second lien senior secured loan2023-12-310001287750arcc:ProofpointIncMember2023-12-310001287750PushPay USA Inc., First lien senior secured loan2023-12-310001287750QF Holdings, Inc., First lien senior secured loan 12023-12-310001287750QF Holdings, Inc., First lien senior secured loan 22023-12-310001287750QF Holdings, Inc., First lien senior secured loan 32023-12-310001287750QF Holdings, Inc., First lien senior secured loan 42023-12-310001287750arcc:QFHoldingsIncMember2023-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 12023-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 22023-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, Class A common units2023-12-310001287750arcc:RaptorTechnologiesLLCSycamoreBidcoLTDAndRocketParentLLCMember2023-12-310001287750RealPage, Inc., Second lien senior secured loan2023-12-310001287750Regent Education, Inc., Warrant to purchase shares of common stock 12023-12-310001287750Regent Education, Inc., Warrant to purchase shares of common stock 22023-12-310001287750arcc:RegentEducationIncMember2023-12-310001287750Relativity ODA LLC, First lien senior secured loan2023-12-310001287750Revalize, Inc., First lien senior secured revolving loan2023-12-310001287750Revalize, Inc., First lien senior secured loan2023-12-310001287750arcc:RevalizeIncMember2023-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 12023-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 22023-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., Class A common stock2023-12-310001287750arcc:RMSHoldcoIILLCRMSGroupHoldingsIncMember2023-12-310001287750Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured loan2023-12-310001287750Smarsh Inc. and Skywalker TopCo, LLC, Common units2023-12-310001287750arcc:SmarshIncAndSkywalkerTopCoLLCMember2023-12-310001287750SocialFlow, Inc., Warrant to purchase shares of Series C preferred stock2023-12-310001287750Sophia, L.P., Second lien senior secured loan2023-12-310001287750SoundCloud Limited, Common stock2023-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured revolving loan2023-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan2023-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, Limited partner interests2023-12-310001287750arcc:SpiritRRHoldingsIncAndWinterfellCoInvestSCSpMember2023-12-310001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 12023-12-310001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 22023-12-310001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Limited partnership interests2023-12-310001287750arcc:StorableIncAndEQTIXCoInvestmentESCSPMember2023-12-310001287750Sundance Group Holdings, Inc., First lien senior secured revolving loan2023-12-310001287750Sundance Group Holdings, Inc., First lien senior secured loan 12023-12-310001287750Sundance Group Holdings, Inc., First lien senior secured loan 22023-12-310001287750arcc:SundanceGroupHoldingsIncMember2023-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 12023-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 22023-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., Class A-2 units2023-12-310001287750arcc:TamarackIntermediateLLCAndTamarackParentLLCMember2023-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 12023-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 22023-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 32023-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 42023-12-310001287750arcc:TCPHawkerIntermediateLLCMember2023-12-310001287750UKG Inc. and H&F Unite Partners, L.P., First lien senior secured revolving loan2023-12-310001287750UKG Inc. and H&F Unite Partners, L.P., Limited partnership interests2023-12-310001287750arcc:UKGIncAndHFUnitePartnersLPMember2023-12-310001287750UserZoom Technologies, Inc., First lien senior secured loan2023-12-310001287750WebPT, Inc., First lien senior secured revolving loan2023-12-310001287750WebPT, Inc., First lien senior secured loan2023-12-310001287750arcc:WebPTIncMember2023-12-310001287750Wellness AcquisitionCo, Inc., First lien senior secured loan2023-12-310001287750WorkWave Intermediate II, LLC, First lien senior secured loan 12023-12-310001287750WorkWave Intermediate II, LLC, First lien senior secured loan 22023-12-310001287750arcc:WorkWaveIntermediateIILLCMember2023-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, First lien senior secured loan2023-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Series A preferred stock2023-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Class A common units2023-12-310001287750arcc:ZenDeskIncZoroTopCoIncAndZoroTopCoLPMember2023-12-310001287750arcc:SoftwareAndServicesMember2023-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 12023-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 22023-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured loan2023-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A common units2023-12-310001287750arcc:AbsoluteDentalGroupLLCAndAbsoluteDentalEquityLLCMember2023-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, First lien senior secured loan2023-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Second lien senior secured loan2023-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Membership units2023-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Class A common units2023-12-310001287750arcc:ADGLLCAndRCIVGEDCInvestorLLCMember2023-12-310001287750Advarra Holdings, Inc., First lien senior secured loan2023-12-310001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Series A preferred shares2023-12-310001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Preferred units2023-12-310001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Class B common units2023-12-310001287750arcc:AHRFundingHoldingsIncAndAHRParentHoldingsLPMember2023-12-310001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Subordinated loan2023-12-310001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Class C units2023-12-310001287750arcc:AmerivetPartnersManagementIncAndAVEHoldingsLPMember2023-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, First lien senior secured loan2023-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Series A preferred stock2023-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Class A units2023-12-310001287750arcc:AthenaHealthGroupIncMinervaHoldcoIncAndBCPECoInvestALPMember2023-12-310001287750BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP, First lien senior secured loan2023-12-310001287750Bambino Group Holdings, LLC, Class A preferred units2023-12-310001287750Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 12023-12-310001287750Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 22023-12-310001287750Center for Autism and Related Disorders, LLC, First lien senior secured loan2023-12-310001287750arcc:CenterForAutismAndRelatedDisordersLLCMember2023-12-310001287750Color Intermediate, LLC, First lien senior secured loan2023-12-310001287750Comprehensive EyeCare Partners, LLC, First lien senior secured revolving loan2023-12-310001287750Comprehensive EyeCare Partners, LLC, First lien senior secured loan2023-12-310001287750arcc:ComprehensiveEyeCarePartnersLLCMember2023-12-310001287750Convey Health Solutions, Inc., First lien senior secured loan 12023-12-310001287750Convey Health Solutions, Inc., First lien senior secured loan 22023-12-310001287750Convey Health Solutions, Inc., First lien senior secured loan 32023-12-310001287750arcc:ConveyHealthSolutionsIncMember2023-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, First lien senior secured loan2023-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Class A shares2023-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Common units2023-12-310001287750arcc:CrownCTParentIncCrownCTHoldCoIncAndCrownCTManagementLLCMember2023-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 12023-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 22023-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 32023-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 42023-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Class A preferred units2023-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Common stock2023-12-310001287750arcc:CVPHoldcoIncAndOMERSWildcatsInvestmentHoldingsLLCMember2023-12-310001287750Evolent Health LLC and Evolent Health, Inc., Series A preferred shares2023-12-310001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Second lien senior secured loan2023-12-310001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Class A units2023-12-310001287750arcc:GHXUltimateParentCorporationCommerceParentIncAndCommerceTopcoLLCMember2023-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan 12023-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan 22023-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Second lien senior secured loan2023-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 12023-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 22023-12-310001287750arcc:GlobalMedicalResponseIncAndGMRBuyerCorpMember2023-12-310001287750Hanger, Inc., First lien senior secured loan 12023-12-310001287750Hanger, Inc., First lien senior secured loan 22023-12-310001287750Hanger, Inc., First lien senior secured loan 32023-12-310001287750Hanger, Inc., Second lien senior secured loan 12023-12-310001287750Hanger, Inc., Second lien senior secured loan 22023-12-310001287750arcc:HangerIncMember2023-12-310001287750HealthEdge Software, Inc., First lien senior secured revolving loan2023-12-310001287750HealthEdge Software, Inc., First lien senior secured loan 12023-12-310001287750HealthEdge Software, Inc., First lien senior secured loan 22023-12-310001287750arcc:HealthEdgeSoftwareIncMember2023-12-310001287750Honor Technology, Inc., First lien senior secured loan2023-12-310001287750Honor Technology, Inc., Warrant to purchase shares of Series D-2 preferred stock2023-12-310001287750arcc:HonorTechnologyIncMember2023-12-310001287750JDC Healthcare Management, LLC, Senior subordinated loan2023-12-310001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan2023-12-310001287750Lifescan Global Corporation, First lien senior secured loan2023-12-310001287750Lifescan Global Corporation, Second lien senior secured loan2023-12-310001287750arcc:LifescanGlobalCorporationMember2023-12-310001287750Medline Borrower, LP, First lien senior secured revolving loan2023-12-310001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Preferred units2023-12-310001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Senior preferred units2023-12-310001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Class A units2023-12-310001287750arcc:NapaManagementServicesCorporationAndASPNAPAHoldingsLLCMember2023-12-310001287750Next Holdco, LLC, First lien senior secured loan2023-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured revolving loan2023-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, Partnership units2023-12-310001287750arcc:NMNHoldingsIIICorpAndNMNHoldingsLPMember2023-12-310001287750Nomi Health, Inc., First lien senior secured loan2023-12-310001287750Nomi Health, Inc., Warrant to purchase shares of Series B preferred stock2023-12-310001287750arcc:NomiHealthIncMember2023-12-310001287750NSPC Intermediate Corp. and NSPC Holdings, LLC, Common units2023-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 12023-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 22023-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 32023-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred units2023-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred stock2023-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Class A common units2023-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Common units2023-12-310001287750arcc:OlympiaAcquisitionIncOlympiaTopCoLPAndAsclepiusHoldingsLLCMember2023-12-310001287750OMH-HealthEdge Holdings, LLC, First lien senior secured loan2023-12-310001287750Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured revolving loan2023-12-310001287750Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured loan2023-12-310001287750arcc:Paragon28IncAndParagonAdvancedTechnologiesIncMember2023-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, First lien senior secured revolving loan2023-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Second lien senior secured loan2023-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Class R common units2023-12-310001287750arcc:PathwayVetAllianceLLCAndJediGroupHoldingsLLCMember2023-12-310001287750PetVet Care Centers, LLC, First lien senior secured loan2023-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured revolving loan2023-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured loan2023-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, Second lien senior secured loan2023-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, Class A units2023-12-310001287750arcc:PremiseHealthHoldingCorpAndOMERSBluejayInvestmentHoldingsLPMember2023-12-310001287750Project Ruby Ultimate Parent Corp., First lien senior secured loan2023-12-310001287750Project Ruby Ultimate Parent Corp., Second lien senior secured loan2023-12-310001287750arcc:ProjectRubyUltimateParentCorpMember2023-12-310001287750RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured revolving loan2023-12-310001287750RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured loan2023-12-310001287750arcc:RTISurgicalIncAndPioneerSurgicalTechnologyIncMember2023-12-310001287750SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, First lien senior secured loan2023-12-310001287750SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, Common units2023-12-310001287750arcc:SiroMedPhysicianServicesIncAndSiroMedEquityHoldingsLLCMember2023-12-310001287750SM Wellness Holdings, Inc. and SM Holdco, LLC, Series D units2023-12-310001287750SM Wellness Holdings, Inc. and SM Holdco, LLC, Series A units2023-12-310001287750SM Wellness Holdings, Inc. and SM Holdco, LLC, Series B units2023-12-310001287750arcc:SMWellnessHoldingsIncAndSMHoldcoIncMember2023-12-310001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, First lien senior secured loan2023-12-310001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Class A-2 units2023-12-310001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Warrant to purchase units of common stock2023-12-310001287750arcc:SOCTelemedIncAndPSCSparkHoldingsLPMember2023-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured revolving loan2023-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan2023-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan2023-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-1 preferred shares2023-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-2 preferred shares2023-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-3 preferred shares2023-12-310001287750arcc:SymplrSoftwareIncAndSymplrSoftwareIntermediateHoldingsIncMember2023-12-310001287750Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, First lien senior secured loan2023-12-310001287750Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, Common units2023-12-310001287750arcc:SynergyHomeCareFranchisingLLCAndNPSynergyHoldingsLLCMember2023-12-310001287750Tempus Labs, Inc., First lien senior secured loan 12023-12-310001287750Tempus Labs, Inc., First lien senior secured loan 22023-12-310001287750Tempus Labs, Inc., First lien senior secured loan 32023-12-310001287750Tempus Labs, Inc., Series G-4 preferred stock2023-12-310001287750arcc:TempusLabsIncMember2023-12-310001287750Therapy Brands Holdings LLC, Second lien senior secured loan2023-12-310001287750Touchstone Acquisition, Inc. and Touchstone Holding, L.P., Class A preferred units2023-12-310001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Second lien senior secured loan2023-12-310001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Common stock2023-12-310001287750arcc:USAnesthesiaPartnersIncUSAnesthesiaPartnersHoldingsIncMember2023-12-310001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan2023-12-310001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, Class A interests2023-12-310001287750arcc:UnitedDigestiveMSOParentLLCAndKolnCoInvestUnblockedLPMember2023-12-310001287750Viant Medical Holdings, Inc., First lien senior secured loan2023-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 12023-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 22023-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 32023-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 12023-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 22023-12-310001287750arcc:VPPIntermediateHoldingsLLCAndVPPGroupHoldingsLPMember2023-12-310001287750Wellpath Holdings, Inc., First lien senior secured revolving loan2023-12-310001287750Wellpath Holdings, Inc., First lien senior secured loan2023-12-310001287750arcc:WellpathHoldingsIncMember2023-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured revolving loan2023-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 12023-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 22023-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 32023-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 42023-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 52023-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 62023-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 72023-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Common units2023-12-310001287750arcc:WSHPFCAcquisitionLLCMember2023-12-310001287750us-gaap:HealthcareSectorMember2023-12-310001287750AQ Sage Buyer, LLC, First lien senior secured loan2023-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, First lien senior secured loan2023-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Senior subordinated loan2023-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Common units2023-12-310001287750arcc:BCCBlueprintHoldingsILLCAndBCCBlueprintInvestmentsLLCMember2023-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 12023-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 22023-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 32023-12-310001287750arcc:BeaconPointeHarmonyLLCMember2023-12-310001287750Cliffwater LLC, First lien senior secured loan2023-12-310001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 12023-12-310001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 22023-12-310001287750arcc:ConveraInternationalHoldingsLimitedAndConveraInternationalFinancialSARLMember2023-12-310001287750Corient Holdings, Inc., Series A preferred stock2023-12-310001287750CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC, Series D preferred units2023-12-310001287750DFC Global Facility Borrower III LLC, First lien senior secured revolving loan2023-12-310001287750eCapital Finance Corp., Senior subordinated loan 12023-12-310001287750eCapital Finance Corp., Senior subordinated loan 22023-12-310001287750eCapital Finance Corp., Senior subordinated loan 32023-12-310001287750eCapital Finance Corp., Senior subordinated loan 42023-12-310001287750eCapital Finance Corp., Senior subordinated loan 52023-12-310001287750arcc:ECapitalFinanceCorpMember2023-12-310001287750EP Wealth Advisors, LLC, First lien senior secured revolving loan2023-12-310001287750EP Wealth Advisors, LLC, First lien senior secured loan 12023-12-310001287750EP Wealth Advisors, LLC, First lien senior secured loan 22023-12-310001287750EP Wealth Advisors, LLC, First lien senior secured loan 32023-12-310001287750EP Wealth Advisors, LLC, First lien senior secured loan 42023-12-310001287750arcc:EPWealthAdvisorsLLCMember2023-12-310001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan2023-12-310001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, Limited partnership interests2023-12-310001287750arcc:GTCRFBuyerCorpAndGTCRDInvestorsLPMember2023-12-310001287750HighTower Holding, LLC, Senior subordinated loan2023-12-310001287750Ivy Hill Asset Management, L.P., Subordinated revolving loan2023-12-310001287750Ivy Hill Asset Management, L.P., Member interest (100.00% interest)2023-12-310001287750arcc:IvyHillAssetManagementLPMember2023-12-310001287750Lido Advisors, LLC, First lien senior secured revolving loan2023-12-310001287750Lido Advisors, LLC, First lien senior secured loan2023-12-310001287750arcc:LidoAdvisorsLLCMember2023-12-310001287750LS DE LLC and LM LSQ Investors LLC, Senior subordinated loan 12023-12-310001287750LS DE LLC and LM LSQ Investors LLC, Senior subordinated loan 22023-12-310001287750LS DE LLC and LM LSQ Investors LLC, Membership units2023-12-310001287750arcc:LSDELLCAndLMLSQInvestorsLLCMember2023-12-310001287750Monica Holdco (US) Inc., First lien senior secured revolving loan2023-12-310001287750Monica Holdco (US) Inc., First lien senior secured loan2023-12-310001287750arcc:MonicaHoldcoUSIncMember2023-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 12023-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 22023-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., Limited partnership interests2023-12-310001287750arcc:PathstoneFamilyOfficeLLCAndKelsoXITailwindCoInvestmentLPMember2023-12-310001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, First lien senior secured loan2023-12-310001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, Preferred units2023-12-310001287750arcc:PCIASPV3LLCAndASERoyalAggregatorLLCMember2023-12-310001287750Petrus Buyer, Inc., First lien senior secured loan2023-12-310001287750Priority Holdings, LLC and Priority Technology Holdings, Inc., First lien senior secured loan2023-12-310001287750Priority Holdings, LLC and Priority Technology Holdings, Inc., Senior preferred stock2023-12-310001287750Priority Holdings, LLC and Priority Technology Holdings, Inc., Warrant to purchase shares of common stock2023-12-310001287750arcc:PriorityHoldingsLLCAndPriorityTechnologyHoldingsIncMember2023-12-310001287750Rialto Management Group, LLC, First lien senior secured revolving loan2023-12-310001287750Rialto Management Group, LLC, First lien senior secured loan 12023-12-310001287750Rialto Management Group, LLC, First lien senior secured loan 22023-12-310001287750Rialto Management Group, LLC, First lien senior secured loan 32023-12-310001287750arcc:RialtoManagementGroupLLCMember2023-12-310001287750Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan2023-12-310001287750TA/WEG Holdings, LLC, First lien senior secured loan 12023-12-310001287750TA/WEG Holdings, LLC, First lien senior secured loan 22023-12-310001287750TA/WEG Holdings, LLC, First lien senior secured loan 32023-12-310001287750TA/WEG Holdings, LLC, First lien senior secured loan 42023-12-310001287750arcc:TAWEGHoldingsLLCMember2023-12-310001287750The Edelman Financial Center, LLC, Second lien senior secured loan2023-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured revolving loan2023-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan2023-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Senior subordinated loan2023-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Series A preferred units2023-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Common units2023-12-310001287750arcc:TheMatherGroupLLCTVGTMGTopcoIncAndTVGTMGHoldingsLLCMember2023-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured revolving loan2023-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured loan2023-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A units 12023-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A units 22023-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B units 12023-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B units 22023-12-310001287750arcc:TheUltimusGroupMidcoLLCTheUltimusGroupLLCAndTheUltimusGroupAggregatorLPMember2023-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan2023-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, Class A units2023-12-310001287750arcc:WaverlyAdvisorsLLCAndWAAMTopcoLLCMember2023-12-310001287750us-gaap:FinancialServicesSectorMember2023-12-310001287750Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC, First lien senior secured revolving loan2023-12-310001287750Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC, Class A common units2023-12-310001287750arcc:AccommodationsPlusTechnologiesLLCAndAccommodationsPlusTechnologiesHoldingsLLCMember2023-12-310001287750Aero Operating LLC, First lien senior secured loan 12023-12-310001287750Aero Operating LLC, First lien senior secured loan 22023-12-310001287750arcc:AeroOperatingLLCMember2023-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 12023-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 22023-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 32023-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 12023-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 22023-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 32023-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Common units2023-12-310001287750arcc:AIFireBuyerIncAndAIFireParentLLCMember2023-12-310001287750Applied Technical Services, LLC, First lien senior secured revolving loan2023-12-310001287750Applied Technical Services, LLC, First lien senior secured loan 12023-12-310001287750Applied Technical Services, LLC, First lien senior secured loan 22023-12-310001287750arcc:AppliedTechnicalServicesLLCMember2023-12-310001287750Argenbright Holdings V, LLC and Amberstone Security Group Limited, First lien senior secured loan 12023-12-310001287750Argenbright Holdings V, LLC and Amberstone Security Group Limited, First lien senior secured loan 22023-12-310001287750arcc:ArgenbrightHoldingsVLLCAndAmberstoneSecurityGroupLimitedMember2023-12-310001287750BH-Sharp Holdings LP, Common units2023-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured revolving loan2023-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured loan2023-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Second lien senior secured loan2023-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Class A units2023-12-310001287750arcc:CapstoneAcquisitionHoldingsInc.CapstoneLogisticsHoldingsInc.AndCapstoneParentHoldingsLPMember2023-12-310001287750Compex Legal Services, Inc., First lien senior secured revolving loan2023-12-310001287750Compex Legal Services, Inc., First lien senior secured loan2023-12-310001287750arcc:CompexLegalServicesIncMember2023-12-310001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class A common stock2023-12-310001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class B common stock2023-12-310001287750arcc:DTIHoldcoIncAndOPEDTIHoldingsIncMember2023-12-310001287750Elevation Services Parent Holdings, LLC, First lien senior secured revolving loan2023-12-310001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 12023-12-310001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 22023-12-310001287750arcc:ElevationServicesParentHoldingsLLCMember2023-12-310001287750FlyWheel Acquireco, Inc., First lien senior secured revolving loan2023-12-310001287750FlyWheel Acquireco, Inc., First lien senior secured loan2023-12-310001287750arcc:FlyWheelAcquirecoIncMember2023-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured revolving loan2023-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 12023-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 22023-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, Class A units2023-12-310001287750arcc:HHStellaIncAndBedrockParentHoldingsLPMember2023-12-310001287750HP RSS Buyer, Inc., First lien senior secured loan2023-12-310001287750IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P., First lien senior secured revolving loan 12023-12-310001287750IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P., First lien senior secured revolving loan 22023-12-310001287750IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P., First lien senior secured loan2023-12-310001287750IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P., Class A units2023-12-310001287750arcc:IRIHoldingsIncIRIGroupHoldingsIncAndIRIParentLPMember2023-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured revolving loan2023-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan2023-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., Class A units2023-12-310001287750arcc:ISQHawkeyeHoldcoIncAndISQHawkeyeHoldingsLPMember2023-12-310001287750Kellermeyer Bergensons Services, LLC, First lien senior secured loan 12023-12-310001287750Kellermeyer Bergensons Services, LLC, First lien senior secured loan 22023-12-310001287750arcc:KellermeyerBergensonsServicesLLCMember2023-12-310001287750Kings Buyer, LLC, First lien senior secured loan2023-12-310001287750KPS Global LLC and Cool Group LLC, First lien senior secured loan 12023-12-310001287750KPS Global LLC and Cool Group LLC, First lien senior secured loan 22023-12-310001287750KPS Global LLC and Cool Group LLC, Class A units2023-12-310001287750arcc:KPSGlobalLLCAndCoolGroupLLCMember2023-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 12023-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 22023-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 12023-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 22023-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 32023-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 42023-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, Class A units2023-12-310001287750arcc:LaboratoriesBidcoLLCAndLaboratoriesTopcoLLCMember2023-12-310001287750Lightbeam Bidco, Inc., First lien senior secured revolving loan2023-12-310001287750Lightbeam Bidco, Inc., First lien senior secured loan 12023-12-310001287750Lightbeam Bidco, Inc., First lien senior secured loan 22023-12-310001287750Lightbeam Bidco, Inc.2023-12-310001287750LJP Purchaser, Inc. and LJP Topco, LP, First lien senior secured loan2023-12-310001287750LJP Purchaser, Inc. and LJP Topco, LP, Class A units2023-12-310001287750arcc:LJPPurchaserIncAndLJPTopcoLPMember2023-12-310001287750Marmic Purchaser, LLC and Marmic Topco, L.P., First lien senior secured loan 12023-12-310001287750Marmic Purchaser, LLC and Marmic Topco, L.P., First lien senior secured loan 22023-12-310001287750Marmic Purchaser, LLC and Marmic Topco, L.P., First lien senior secured loan 32023-12-310001287750Marmic Purchaser, LLC and Marmic Topco, L.P., Limited partnership units2023-12-310001287750arcc:MarmicPurchaserLLCAndMarmicTopcoLPMember2023-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Second lien senior secured loan 12023-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Second lien senior secured loan 22023-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Series A preferred stock2023-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Series B preferred stock2023-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Common stock2023-12-310001287750arcc:MicrostarLogisticsLLCMicrostarGlobalAssetManagementLLCMStarHoldingCorporationAndKegstarUSAIncMember2023-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured revolving loan2023-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 12023-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 22023-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 32023-12-310001287750arcc:NASLLCAndNationwideMarketingGroupLLCMember2023-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured revolving loan2023-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 12023-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 22023-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured note2023-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Second lien senior secured loan2023-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Limited partnership interests2023-12-310001287750arcc:NeptuneBidcoUSIncAndElliottMetronCoInvestorAggregatorLPMember2023-12-310001287750Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Senior subordinated loan2023-12-310001287750Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Limited partner interest2023-12-310001287750arcc:NestTopcoBorrowerIncKKRNestCoInvestLPAndNBLY20211Member2023-12-310001287750North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, First lien senior secured revolving loan2023-12-310001287750North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, First lien senior secured loan 12023-12-310001287750North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, First lien senior secured loan 22023-12-310001287750North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, Common units2023-12-310001287750arcc:NorthAmericanFireHoldingsLLCAndNorthAmericanFireUltimateHoldingsLLCMember2023-12-310001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured loan2023-12-310001287750North Haven Stack Buyer, LLC, First lien senior secured revolving loan 12023-12-310001287750North Haven Stack Buyer, LLC, First lien senior secured revolving loan 22023-12-310001287750North Haven Stack Buyer, LLC, First lien senior secured loan 12023-12-310001287750North Haven Stack Buyer, LLC, First lien senior secured loan 22023-12-310001287750arcc:NorthHavenStackBuyerLLCMember2023-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan2023-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units2023-12-310001287750arcc:PriorityWasteHoldingsLLCPriorityWasteHoldingsIndianaLLCAndPriorityWasteSuperHoldingsLLCMember2023-12-310001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan2023-12-310001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, Class A units2023-12-310001287750arcc:PritchardIndustriesLLCAndLJPritchardTopCoHoldingsLLCMember2023-12-310001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured revolving loan2023-12-310001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured loan2023-12-310001287750PS Operating Company LLC and PS Op Holdings LLC, Common unit2023-12-310001287750arcc:PSOperatingCompanyLLCAndPSOPHoldingsLLCMember2023-12-310001287750PSC Group LLC, First lien senior secured revolving loan2023-12-310001287750PSC Group LLC, First lien senior secured loan 12023-12-310001287750PSC Group LLC, First lien senior secured loan 22023-12-310001287750PSC Group LLC, First lien senior secured loan 32023-12-310001287750PSC Group LLC, First lien senior secured loan 42023-12-310001287750PSC Group LLC, First lien senior secured loan 52023-12-310001287750arcc:PSCGroupLLCMember2023-12-310001287750R2 Acquisition Corp., Common stock2023-12-310001287750RC V Tecmo Investor LLC, Common member units2023-12-310001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 12023-12-310001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 22023-12-310001287750arcc:RECommunityHoldingsGPLLCAndRECommunityHoldingsLPMember2023-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured loan2023-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., Limited partner interests2023-12-310001287750arcc:RegistrarIntermediateLLCAndPSPRegistrarCoInvestmentFundLPMember2023-12-310001287750Rodeo AcquisitionCo LLC, First lien senior secured revolving loan2023-12-310001287750Rodeo AcquisitionCo LLC, First lien senior secured loan2023-12-310001287750arcc:RodeoAcquisitionCoLLCMember2023-12-310001287750Saturn Purchaser Corp., First lien senior secured loan 12023-12-310001287750Saturn Purchaser Corp., First lien senior secured loan 22023-12-310001287750arcc:SaturnPurchaserCorpMember2023-12-310001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured revolving loan2023-12-310001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured loan2023-12-310001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., Class A units2023-12-310001287750arcc:SchillLandscapingAndLawnCareServicesLLCTenderLawnCareULCAndLandscapeParallelPartnersLPMember2023-12-310001287750Shermco Intermediate Holdings, Inc., First lien senior secured revolving loan2023-12-310001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 12023-12-310001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 22023-12-310001287750arcc:ShermcoIntermediateHoldingsIncMember2023-12-310001287750SSE Buyer, Inc.,Supply SourceEnterprises, Inc.,Impact ProductsLLC, The SafetyZone, LLC and SSEParent, LP, Second lien senior secured loan2023-12-310001287750SSE Buyer, Inc.,Supply SourceEnterprises, Inc.,Impact ProductsLLC, The SafetyZone, LLC and SSEParent, LP, Limited partnership class A-1 units2023-12-310001287750SSE Buyer, Inc.,Supply SourceEnterprises, Inc.,Impact ProductsLLC, The SafetyZone, LLC and SSEParent, LP, Limited partnership class A-2 units2023-12-310001287750arcc:SSEBuyerIncSupplySourceEnterprisesIncImpactProductsLLCTheSafetyZoneLLCAndSSEParentLPMember2023-12-310001287750Startec Equity, LLC, Member interest2023-12-310001287750Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 12023-12-310001287750Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 22023-12-310001287750Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 32023-12-310001287750Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 42023-12-310001287750arcc:StealthHoldingLLCAndUCITOnlineSecurityIncMember2023-12-310001287750Systems Planning and Analysis, Inc., First lien senior secured loan2023-12-310001287750Thermostat Purchaser III, Inc., First lien senior secured revolving loan2023-12-310001287750Thermostat Purchaser III, Inc., Second lien senior secured loan2023-12-310001287750arcc:ThermostatPurchaserIIIIncMember2023-12-310001287750Valcourt Holdings II, LLC and Jobs Holdings, Inc., First lien senior secured revolving loan2023-12-310001287750Valcourt Holdings II, LLC and Jobs Holdings, Inc., First lien senior secured loan2023-12-310001287750arcc:ValcourtHoldingsIILLCAndJobsHoldingsIncMember2023-12-310001287750Visual Edge Technology, Inc., First lien senior secured loan2023-12-310001287750Visual Edge Technology, Inc., Senior preferred stock2023-12-310001287750Visual Edge Technology, Inc., Junior preferred stock2023-12-310001287750Visual Edge Technology, Inc., Warrant to purchase shares of common stock2023-12-310001287750arcc:VisualEdgeTechnologyIncMember2023-12-310001287750VRC Companies, LLC, Senior subordinated loan2023-12-310001287750Wash Encore Holdings, LLC, First lien senior secured loan2023-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured revolving loan2023-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 12023-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 22023-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class A units2023-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class B units2023-12-310001287750arcc:XIFINIncAndACPChargerCoInvestLLCMember2023-12-310001287750arcc:CommercialAndProfessionalServicesMember2023-12-310001287750ACAS Equity Holdings Corporation, Common stock2023-12-310001287750ARES 2007-3R, Subordinated notes2023-12-310001287750Blue Wolf Capital Fund II, L.P., Limited partnership interest (8.50% interest)2023-12-310001287750CoLTs 2005-1 Ltd., Preferred shares2023-12-310001287750CREST Exeter Street Solar 2004-1, Preferred shares2023-12-310001287750European Capital UK SME Debt LP, Limited partnership interest2023-12-310001287750HCI Equity, LLC, Member interest2023-12-310001287750Partnership Capital Growth Investors III, L.P., Limited partnership interest2023-12-310001287750PCG-Ares Sidecar Investment II, L.P., Limited partnership interest2023-12-310001287750PCG-Ares Sidecar Investment, L.P., Limited partnership interest2023-12-310001287750Piper Jaffray Merchant Banking Fund I, L.P., Limited partnership interest2023-12-310001287750Senior Direct Lending Program, LLC, Subordinated certificates2023-12-310001287750Senior Direct Lending Program, LLC, Membership interest2023-12-310001287750arcc:SeniorDirectLendingProgramLLCMember2023-12-310001287750arcc:InvestmentFundsAndVehiclesMember2023-12-310001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 12023-12-310001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 22023-12-310001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 32023-12-310001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 42023-12-310001287750arcc:AccessionRiskManagementGroupIncAndRSCInsuranceBrokerageIncMember2023-12-310001287750Acrisure, LLC, First lien senior secured loan2023-12-310001287750Alera Group, Inc., First lien senior secured loan2023-12-310001287750Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc., First lien senior secured loan2023-12-310001287750AQ Sunshine, Inc., First lien senior secured loan 12023-12-310001287750AQ Sunshine, Inc., First lien senior secured loan 22023-12-310001287750AQ Sunshine, Inc., First lien senior secured loan 32023-12-310001287750AQ Sunshine, Inc., First lien senior secured loan 42023-12-310001287750AQ Sunshine, Inc., First lien senior secured loan 52023-12-310001287750AQ Sunshine, Inc., First lien senior secured loan 62023-12-310001287750arcc:AQSunshineIncMember2023-12-310001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 12023-12-310001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 22023-12-310001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 32023-12-310001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 42023-12-310001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 52023-12-310001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, Senior subordinated loan2023-12-310001287750arcc:ArdonaghMidco2PlcAndArdonaghMidco3PlcMember2023-12-310001287750Benecon Midco II LLC and Locutus Holdco LLC, Common units2023-12-310001287750Captive Resources Midco, LLC, First lien senior secured loan2023-12-310001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 12023-12-310001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 22023-12-310001287750Daylight Beta Parent LLC and CFCo, LLC, Class B units2023-12-310001287750arcc:DaylightBetaParentLLCAndCFCoLLCMember2023-12-310001287750DOXA Insurance Holdings LLC, First lien senior secured loan2023-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 12023-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 22023-12-310001287750arcc:FoundationRiskPartnersCorpMember2023-12-310001287750Galway Borrower LLC, First lien senior secured revolving loan2023-12-310001287750Galway Borrower LLC, First lien senior secured loan2023-12-310001287750arcc:GalwayBorrowerLLCMember2023-12-310001287750Higginbotham Insurance Agency, Inc., First lien senior secured loan2023-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 12023-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 22023-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 32023-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 12023-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 22023-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A common units2023-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series C common units2023-12-310001287750arcc:HighStreetBuyerIncAndHighStreetHoldcoLLCMember2023-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan2023-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, Limited partnership interests2023-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, Common units2023-12-310001287750arcc:InszoneMidLLCAndINSZHoldingsLLCMember2023-12-310001287750Keystone Agency Partners LLC, First lien senior secured loan2023-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan2023-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, Class A2 units2023-12-310001287750arcc:OakBridgeInsuranceAgencyLLCAndMapleAcquisitionHoldingsLPMember2023-12-310001287750OneDigital Borrower LLC, First lien senior secured revolving loan2023-12-310001287750Patriot Growth Insurance Services, LLC, First lien senior secured loan2023-12-310001287750People Corporation, First lien senior secured revolving loan2023-12-310001287750People Corporation, First lien senior secured loan 12023-12-310001287750People Corporation, First lien senior secured loan 22023-12-310001287750People Corporation, First lien senior secured loan 32023-12-310001287750arcc:PeopleCorporationMember2023-12-310001287750Riser Interco, LLC, First lien senior secured loan 12023-12-310001287750Riser Interco, LLC, First lien senior secured loan 22023-12-310001287750arcc:RiserMergerSubIncMember2023-12-310001287750SageSure Holdings, LLC and SageSure LLC, First lien senior secured loan2023-12-310001287750SageSure Holdings, LLC and SageSure LLC, Series A units2023-12-310001287750arcc:SageSureHoldingsLLCInsightCatastropheGroupLLCMember2023-12-310001287750SCM Insurance Services Inc., First lien senior secured loan2023-12-310001287750SelectQuote, Inc., First lien senior secured loan2023-12-310001287750SG Acquisition, Inc., First lien senior secured loan2023-12-310001287750Spring Insurance Solutions, LLC, First lien senior secured loan2023-12-310001287750THG Acquisition, LLC, First lien senior secured revolving loan2023-12-310001287750THG Acquisition, LLC, First lien senior secured loan 12023-12-310001287750THG Acquisition, LLC, First lien senior secured loan 22023-12-310001287750THG Acquisition, LLC, First lien senior secured loan 32023-12-310001287750arcc:THGAcquisitionLLCMember2023-12-310001287750us-gaap:InsuranceSectorMember2023-12-310001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc., First lien senior secured loan2023-12-310001287750Aimbridge Acquisition Co., Inc., Second lien senior secured loan2023-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, First lien senior secured revolving loan 12023-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, First lien senior secured revolving loan 22023-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, Second lien senior secured loan2023-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, Series A preferred units2023-12-310001287750arcc:AmericanResidentialServicesLLCAndAragornParentHoldingsLPMember2023-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan 12023-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan 22023-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured loan2023-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, Series B common units2023-12-310001287750arcc:ApexServicePartnersLLCMember2023-12-310001287750ATI Restoration, LLC, First lien senior secured revolving loan 12023-12-310001287750ATI Restoration, LLC, First lien senior secured revolving loan 22023-12-310001287750ATI Restoration, LLC, First lien senior secured loan 12023-12-310001287750ATI Restoration, LLC, First lien senior secured loan 22023-12-310001287750ATI Restoration, LLC, First lien senior secured loan 32023-12-310001287750arcc:ATIRestorationLLCMember2023-12-310001287750Belfor Holdings, Inc., First lien senior secured revolving loan2023-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan2023-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 12023-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 22023-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, Class A units2023-12-310001287750arcc:ClarionHomeServicesGroupLLCAndLBCBreezeHoldingsLLCMember2023-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan2023-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., Common stock2023-12-310001287750arcc:CMGHoldCoLLCAndCMGBuyerHoldingsIncMember2023-12-310001287750CST Holding Company, First lien senior secured revolving loan2023-12-310001287750CST Holding Company, First lien senior secured loan2023-12-310001287750arcc:CSTHoldingCompanyMember2023-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured revolving loan2023-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 12023-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 22023-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 32023-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Preferred units2023-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Class A units2023-12-310001287750arcc:EssentialServicesHoldingCorporationAndOMERSMahomesInvestmentHoldingsLLCMember2023-12-310001287750Eternal Aus Bidco Pty Ltd, First lien senior secured loan2023-12-310001287750Excel Fitness Consolidator LLC, First lien senior secured loan2023-12-310001287750Flint OpCo, LLC, First lien senior secured loan2023-12-310001287750GroundWorks, LLC, First lien senior secured loan2023-12-310001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured loan2023-12-310001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, Class A common units2023-12-310001287750arcc:GSSEERGroupBorrowerLLCAndGSSEERGroupHoldingsLLCMember2023-12-310001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured revolving loan2023-12-310001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan2023-12-310001287750arcc:HeliosServicePartnersLLCAndAstraServicePartnersLLCMember2023-12-310001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 12023-12-310001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 22023-12-310001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., Class A units2023-12-310001287750arcc:InfinityHomeServicesHoldCoIncAndIHSParentHoldingsLPMember2023-12-310001287750Jenny C Acquisition, Inc., Senior subordinated loan2023-12-310001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan2023-12-310001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests2023-12-310001287750arcc:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember2023-12-310001287750ME Equity LLC, Common stock2023-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured revolving loan2023-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 12023-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 22023-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, Class A units2023-12-310001287750arcc:ModigentLLCAndOMERSPMCInvestmentHoldingsLLCMember2023-12-310001287750Movati Athletic (Group) Inc., First lien senior secured loan2023-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan2023-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, Common units2023-12-310001287750arcc:NorthwindsHoldingIncAndNorthwindsServicesGroupLLCMember2023-12-310001287750OTG Management, LLC, Class A preferred units2023-12-310001287750OTG Management, LLC, Common units2023-12-310001287750OTG Management, LLC, Warrant to purchase common units2023-12-310001287750arcc:OTGManagementLLCMember2023-12-310001287750PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan2023-12-310001287750PestCo Holdings, LLC and PestCo, LLC, Class A units2023-12-310001287750arcc:PestCoHoldingsLLCAndPestCoLLCMember2023-12-310001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, First lien senior secured loan2023-12-310001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, Preferred membership units2023-12-310001287750arcc:PyramidManagementAdvisorsLLCAndPyramidInvestorsLLCMember2023-12-310001287750Radiant Intermediate Holding, LLC, First lien senior secured loan2023-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 12023-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 22023-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 32023-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 42023-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, Series D units2023-12-310001287750arcc:RedwoodServicesLLCAndRedwoodServicesHoldcoLLCMember2023-12-310001287750Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc., First lien senior secured loan2023-12-310001287750Service Logic Acquisition, Inc. and MSHC, Inc., First lien senior secured loan2023-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 12023-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 22023-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured loan2023-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., Class A units2023-12-310001287750arcc:TaymaxGroupLPTaymaxGroupGPLLCPFSalemCanadaULCAndTCPFitParentLPMember2023-12-310001287750The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc., First lien senior secured loan2023-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan2023-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 12023-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 22023-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 32023-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 42023-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class A units2023-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class C units2023-12-310001287750arcc:TheArcticomGroupLLCAndAMCPMechanicalHoldingsLPMember2023-12-310001287750Triwizard Holdings, Inc. and Triwizard Parent, LP, Class A-2 common units2023-12-310001287750TSS Buyer, LLC, First lien senior secured loan2023-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan2023-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, Class B common units2023-12-310001287750arcc:VertexServicePartnersLLCAndVertexServicePartnersHoldingsLLCMember2023-12-310001287750YE Brands Holdings, LLC, First lien senior secured revolving loan2023-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 12023-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 22023-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 32023-12-310001287750arcc:YEBrandsHoldingsLLCMember2023-12-310001287750ZBS Mechanical Group Co-Invest Fund 2, LLC, Membership interest2023-12-310001287750arcc:ConsumerServicesMember2023-12-310001287750Apex Clean Energy TopCo, LLC, Class A common units2023-12-310001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Senior preferred units2023-12-310001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Class B units2023-12-310001287750arcc:FerrellgasLPAndFerrelgasPartnersLPMember2023-12-310001287750Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC, First lien senior secured loan2023-12-310001287750Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC, Class A1 units2023-12-310001287750arcc:HeelstoneRenewableEnergyLLCAndHeelstoneRenewableEnergyInvestorsLLCMember2023-12-310001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., Class A common stock2023-12-310001287750PosiGen, Inc., Warrant to purchase shares of series D-1 preferred stock2023-12-310001287750PosiGen, Inc., Warrant to purchase shares of common stock2023-12-310001287750arcc:PosiGenIncMember2023-12-310001287750Potomac Intermediate Holdings II LLC, Series A units2023-12-310001287750Riverview Power LLC, First lien senior secured loan2023-12-310001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, First lien senior secured loan2023-12-310001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, Senior subordinated loan2023-12-310001287750arcc:SunrunAtlasDepositor20192LLCAndSunrunAtlasHoldings20192LLCMember2023-12-310001287750Sunrun Luna Holdco 2021, LLC, Senior subordinated revolving loan 12023-12-310001287750Sunrun Luna Holdco 2021, LLC, Senior subordinated revolving loan 22023-12-310001287750arcc:SunrunLunaHoldco2021LLCMember2023-12-310001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, First lien senior secured loan2023-12-310001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, Senior subordinated loan2023-12-310001287750arcc:SunrunXanaduIssuer20191LLCAndSunrunXanaduHoldings20191LLCMember2023-12-310001287750arcc:PowerGenerationMember2023-12-310001287750Badger Sportswear Acquisition, LLC, Second lien senior secured loan2023-12-310001287750Bowhunter Holdings, LLC, Common units2023-12-310001287750Centric Brands LLC and Centric Brands GP LLC, First lien senior secured loan2023-12-310001287750Centric Brands LLC and Centric Brands GP LLC, Membership interests2023-12-310001287750arcc:CentricBrandsLLCAndCentricBrandsGPLLCMember2023-12-310001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 12023-12-310001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 22023-12-310001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., Common stock2023-12-310001287750arcc:DRSHoldingsIIIIncAndDRSHoldingsIIncMember2023-12-310001287750Implus Footcare, LLC, First lien senior secured loan 12023-12-310001287750Implus Footcare, LLC, First lien senior secured loan 22023-12-310001287750Implus Footcare, LLC, First lien senior secured loan 32023-12-310001287750arcc:ImplusFootcareLLCMember2023-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., First lien senior secured loan 12023-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., First lien senior secured loan 22023-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Series A convertible preferred stock2023-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Warrant to purchase shares of common stock2023-12-310001287750arcc:JohnnieOIncAndJohnnieOHoldingsIncMember2023-12-310001287750Lew's Intermediate Holdings, LLC, First lien senior secured loan2023-12-310001287750Pelican Products, Inc., First lien senior secured revolving loan2023-12-310001287750Pelican Products, Inc., Second lien senior secured loan2023-12-310001287750arcc:PelicanProductsIncMember2023-12-310001287750Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC, First lien senior secured loan 12023-12-310001287750Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC, First lien senior secured loan 22023-12-310001287750arcc:RawlingsSportingGoodsCompanyIncAndEastonDiamondSportsLLCMember2023-12-310001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 12023-12-310001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 22023-12-310001287750Reef Lifestyle, LLC, First lien senior secured loan 12023-12-310001287750Reef Lifestyle, LLC, First lien senior secured loan 22023-12-310001287750arcc:ReefLifestyleLLCMember2023-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Common units2023-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Class B common units2023-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Warrant to purchase units2023-12-310001287750arcc:SToysHoldingsLLCFkaTheStep2CompanyLLCMember2023-12-310001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., First lien senior secured loan 12023-12-310001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., First lien senior secured loan 22023-12-310001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., Second lien senior secured loan2023-12-310001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., Series A preferred stock2023-12-310001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., Common stock2023-12-310001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., Warrant to purchase shares of common stock2023-12-310001287750arcc:SHOHoldingICorporationShoesForCrewsEuropeLimitedAndNeverSlipTopCoIncMember2023-12-310001287750SVP-Singer Holdings Inc. and SVP-Singer Holdings LP, First lien senior secured loan2023-12-310001287750SVP-Singer Holdings Inc. and SVP-Singer Holdings LP, Class A common units2023-12-310001287750arcc:SVPSingerHoldingsIncAndSVPSingerHoldingsLPMember2023-12-310001287750Totes Isotoner Corporation and Totes Ultimate Holdco, Inc., First lien senior secured loan 12023-12-310001287750Totes Isotoner Corporation and Totes Ultimate Holdco, Inc., First lien senior secured loan 22023-12-310001287750Totes Isotoner Corporation and Totes Ultimate Holdco, Inc., Common stock2023-12-310001287750arcc:TotesIsotonerCorporationAndTotesUltimateHoldcoIncMember2023-12-310001287750Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP, First lien senior secured loan2023-12-310001287750Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP, Second lien senior secured loan2023-12-310001287750Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP, Class A units2023-12-310001287750arcc:VarsityBrandsHoldingCoIncAndBCPEHerculesHoldingsLPMember2023-12-310001287750arcc:ConsumerDurablesAndApparelMember2023-12-31000128775022 HoldCo Limited, Senior subordinated loan2023-12-3100012877503 Step Sports LLC and 3 Step Holdings, LLC, First lien senior secured revolving loan2023-12-3100012877503 Step Sports LLC and 3 Step Holdings, LLC, First lien senior secured loan2023-12-3100012877503 Step Sports LLC and 3 Step Holdings, LLC, Series D preferred units2023-12-310001287750arcc:A3StepSportsLLCAnd3StepHoldingsLLCMember2023-12-310001287750Aventine Intermediate LLC & Aventine Holdings II LLC, First lien senior secured loan2023-12-310001287750Aventine Intermediate LLC & Aventine Holdings II LLC, Senior subordinated loan2023-12-310001287750arcc:AventineIntermediateLLCAventineHoldingsIILLCMember2023-12-310001287750Axiomatic, LLC, Class A-1 units2023-12-310001287750CFC Funding LLC, Loan instrument units2023-12-310001287750CMW Parent LLC (fka Black Arrow, Inc.), Series A units2023-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 12023-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 22023-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 32023-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Ordinary shares2023-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 12023-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 22023-12-310001287750arcc:EagleFootballHoldingsBidCoLimitedAndEagleFootballHoldingsLimitedMember2023-12-310001287750Global Music Rights, LLC, First lien senior secured loan2023-12-310001287750League One Volleyball, Inc., Series B preferred stock2023-12-310001287750LiveBarn Inc., Middle preferred shares2023-12-310001287750MailSouth, Inc., First lien senior secured loan2023-12-310001287750Miami Beckham United LLC, Class A preferred units2023-12-310001287750Miami Beckham United LLC, Class B preferred units2023-12-310001287750arcc:MiamiBeckhamUnitedLLCMember2023-12-310001287750OUTFRONT Media Inc., Series A convertible perpetual preferred stock2023-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 12023-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 22023-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 32023-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 42023-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, Class A units2023-12-310001287750arcc:ProductionResourceGroupLLCAndPRGIIILLCMember2023-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., First lien senior secured loan2023-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Second lien senior secured loan2023-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Series E preferred stock2023-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 12023-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 22023-12-310001287750arcc:ProfessionalFightersLeagueLLCAndPFLMMAIncMember2023-12-310001287750Storm Investment S.a.r.l., First lien senior secured loan2023-12-310001287750Storm Investment S.a.r.l., Ordinary shares2023-12-310001287750Storm Investment S.a.r.l., Class A redeemable shares2023-12-310001287750Storm Investment S.a.r.l., Class B redeemable shares2023-12-310001287750Storm Investment S.a.r.l., Class C redeemable shares2023-12-310001287750Storm Investment S.a.r.l., Class D redeemable shares2023-12-310001287750Storm Investment S.a.r.l., Class E redeemable shares2023-12-310001287750Storm Investment S.a.r.l., Class F redeemable shares2023-12-310001287750Storm Investment S.a.r.l., Class G redeemable shares2023-12-310001287750Storm Investment S.a.r.l., Class H redeemable shares2023-12-310001287750Storm Investment S.a.r.l., Class I redeemable shares2023-12-310001287750arcc:StormInvestmentS.a.r.l.AndAtleticoHoldcoS.L.Member2023-12-310001287750The Teaching Company Holdings, Inc., Preferred stock2023-12-310001287750The Teaching Company Holdings, Inc., Common stock2023-12-310001287750arcc:TheTeachingCompanyHoldingsIncMember2023-12-310001287750arcc:MediaAndEntertainmentMember2023-12-310001287750Bamboo Purchaser, Inc., First lien senior secured loan2023-12-310001287750BradyIFS Holdings, LLC, First lien senior secured loan2023-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 12023-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 22023-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 32023-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., Common units2023-12-310001287750arcc:DisplayHoldingCompanyIncSaldonHoldingsIncAndFastsignsHoldingsIncMember2023-12-310001287750GPM Investments, LLC and ARKO Corp., Common stock2023-12-310001287750GPM Investments, LLC and ARKO Corp., Warrant to purchase common stock2023-12-310001287750arcc:GPMInvestmentsLLCAndARKOCorpMember2023-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured revolving loan2023-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured loan2023-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, Limited partnership interest2023-12-310001287750arcc:HillsDistributionIncHillsIntermediateFTHoldingsLLCAndGMPHillsLPMember2023-12-310001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 12023-12-310001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 22023-12-310001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, Class A common units2023-12-310001287750arcc:MarconeYellowstoneBuyerIncAndMarconeYellowstoneHoldingsLLCMember2023-12-310001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, First lien senior secured revolving loan2023-12-310001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Series A preferred stock2023-12-310001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Class A-1 units2023-12-310001287750arcc:MavisTireExpressServicesTopcoCorpMetisHoldCoIncAndMetisTopCoLPMember2023-12-310001287750McKenzie Creative Brands, LLC, First lien senior secured revolving loan2023-12-310001287750McKenzie Creative Brands, LLC, First lien senior secured loan 12023-12-310001287750McKenzie Creative Brands, LLC, First lien senior secured loan 22023-12-310001287750arcc:McKenzieCreativeBrandsLLCMember2023-12-310001287750Monolith Brands Group, Inc., Series A-1 preferred stock2023-12-310001287750Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP, Limited partnership interests2023-12-310001287750North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, First lien senior secured loan2023-12-310001287750North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, Class A units2023-12-310001287750arcc:NorthHavenFalconBuyerLLCAndNorthHavenFalconHoldingCompanyLLCMember2023-12-310001287750Reddy Ice LLC, First lien senior secured revolving loan2023-12-310001287750Reddy Ice LLC, First lien senior secured loan 12023-12-310001287750Reddy Ice LLC, First lien senior secured loan 22023-12-310001287750Reddy Ice LLC, First lien senior secured loan 32023-12-310001287750Reddy Ice LLC, First lien senior secured loan 42023-12-310001287750Reddy Ice LLC, First lien senior secured loan 52023-12-310001287750arcc:ReddyIceLLCMember2023-12-310001287750SCIH Salt Holdings Inc., First lien senior secured revolving loan2023-12-310001287750Trader Corporation and Project Auto Finco Corp., First lien senior secured loan2023-12-310001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., First lien senior secured loan2023-12-310001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., Limited partner interests2023-12-310001287750arcc:USSaltInvestorsLLCAndEmeraldLakePearlAcquisitionALPMember2023-12-310001287750arcc:RetailingAndDistributionMember2023-12-310001287750AI Aqua Merger Sub, Inc., First lien senior secured loan2023-12-310001287750Airx Climate Solutions, Inc., First lien senior secured loan2023-12-310001287750API Commercial Inc., API Military Inc., and API Space Intermediate, Inc., First lien senior secured loan2023-12-310001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., First lien senior secured loan2023-12-310001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., Common stock2023-12-310001287750arcc:ArrowheadHoldcoCompanyAndArrowheadGSHoldingsIncMember2023-12-310001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured revolving loan2023-12-310001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured loan2023-12-310001287750arcc:BlueHaloFinancingHoldingsLLCBlueHaloGlobalHoldingsLLCAndBlueHaloLLCMember2023-12-310001287750Burgess Point Purchaser Corporation, First lien senior secured loan2023-12-310001287750CPIG Holdco Inc., First lien senior secured loan2023-12-310001287750Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc., First lien senior secured revolving loan2023-12-310001287750Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc., First lien senior secured loan2023-12-310001287750arcc:CubeIndustrialsBuyerIncAndCubeADBuyerIncMember2023-12-310001287750DFS Holding Company, Inc., First lien senior secured loan2023-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured revolving loan2023-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured loan2023-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, Common units2023-12-310001287750arcc:DynamicNCAerospaceHoldingsLLCAndDynamicNCInvestmentHoldingsLPMember2023-12-310001287750EPS NASS Parent, Inc., First lien senior secured revolving loan2023-12-310001287750EPS NASS Parent, Inc., First lien senior secured loan2023-12-310001287750arcc:EPSNASSParentIncMember2023-12-310001287750ESCP PPG Holdings, LLC, Class A-1 units2023-12-310001287750ESCP PPG Holdings, LLC, Class A-2 units2023-12-310001287750arcc:ESCPPPGHoldingsLLCMember2023-12-310001287750Harvey Tool Company, LLC, First lien senior secured loan2023-12-310001287750Helix Acquisition Holdings, Inc., First lien senior secured loan2023-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Senior subordinated loan2023-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Class A common stock2023-12-310001287750arcc:ImagingBusinessMachinesLLCAndScannerHoldingsCorporationMember2023-12-310001287750Kene Acquisition, Inc. and Kene Holdings, L.P., First lien senior secured revolving loan2023-12-310001287750Kene Acquisition, Inc. and Kene Holdings, L.P., First lien senior secured loan2023-12-310001287750Kene Acquisition, Inc. and Kene Holdings, L.P., Class A units2023-12-310001287750arcc:KeneAcquisitionIncAndKeneHoldingsLPMember2023-12-310001287750LTG Acquisition, Inc., Class A membership units2023-12-310001287750Maverick Acquisition, Inc., First lien senior secured loan2023-12-310001287750NCWS Intermediate, Inc. and NCWS Holdings LP, First lien senior secured loan 12023-12-310001287750NCWS Intermediate, Inc. and NCWS Holdings LP, First lien senior secured loan 22023-12-310001287750NCWS Intermediate, Inc. and NCWS Holdings LP, First lien senior secured loan 32023-12-310001287750NCWS Intermediate, Inc. and NCWS Holdings LP, First lien senior secured loan 42023-12-310001287750NCWS Intermediate, Inc. and NCWS Holdings LP, Class A-2 common units2023-12-310001287750arcc:NCWSIntermediateIncAndNCWSHoldingsLPMember2023-12-310001287750Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC, Second lien senior secured loan2023-12-310001287750Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., First lien senior secured loan 12023-12-310001287750Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., First lien senior secured loan 22023-12-310001287750Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., Class A units2023-12-310001287750arcc:PrecinmacUSHoldingsIncTrimasterManufacturingIncAndBladeGroupHoldingsLPMember2023-12-310001287750Qnnect, LLC and Connector TopCo, LP, First lien senior secured loan2023-12-310001287750Qnnect, LLC and Connector TopCo, LP, Limited partnership interests2023-12-310001287750arcc:QnnectLLCAndConnectorTopCoLPMember2023-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 12023-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 22023-12-310001287750arcc:RadiusAerospaceIncAndRadiusAerospaceEuropeLimitedMember2023-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 32023-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured loan2023-12-310001287750arcc:RadwellParentLLCMember2023-12-310001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon, First lien senior secured revolving loan2023-12-310001287750Two Six Labs, LLC, First lien senior secured loan2023-12-310001287750arcc:CapitalGoodsMember2023-12-310001287750Calyx Energy III, LLC, First lien senior secured loan 12023-12-310001287750Calyx Energy III, LLC, First lien senior secured loan 22023-12-310001287750Calyx Energy III, LLC, First lien senior secured loan 32023-12-310001287750arcc:CalyxEnergyIIILLCMember2023-12-310001287750Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC, First lien senior secured loan2023-12-310001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, First lien senior secured loan2023-12-310001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, Common units2023-12-310001287750arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember2023-12-310001287750Halcon Holdings, LLC, First lien senior secured loan2023-12-310001287750HighPeak Energy, Inc., First lien senior secured loan2023-12-310001287750Murchison Oil and Gas, LLC and Murchison Holdings, LLC, First lien senior secured loan2023-12-310001287750Murchison Oil and Gas, LLC and Murchison Holdings, LLC, Preferred units2023-12-310001287750arcc:MurchisonOilAndGasLLCAndMurchisonHoldingsLLCMember2023-12-310001287750Offen, Inc., First lien senior secured loan2023-12-310001287750SilverBow Resources, Inc., Common stock2023-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 12023-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 22023-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 32023-12-310001287750VPROP Operating, LLC and V SandCo, LLC, Class A units2023-12-310001287750arcc:VPROPOperatingLLCAndVSandCoLLCMember2023-12-310001287750us-gaap:EnergySectorMember2023-12-310001287750American Seafoods Group LLC and American Seafoods Partners LLC, Class A units2023-12-310001287750American Seafoods Group LLC and American Seafoods Partners LLC, Warrant to purchase units of Class A units2023-12-310001287750arcc:AmericanSeafoodsGroupLLCAndAmericanSeafoodsPartnersLLCMember2023-12-310001287750Berner Food & Beverage, LLC, First lien senior secured revolving loan 12023-12-310001287750Berner Food & Beverage, LLC, First lien senior secured revolving loan 22023-12-310001287750arcc:BernerFoodBeverageLLCMember2023-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P., First lien senior secured loan2023-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P., Common units2023-12-310001287750arcc:BraggLiveFoodProductsLLCAndSPCInvestmentCoLPMember2023-12-310001287750CHG PPC Parent LLC & PPC CHG Blocker LLC, Second lien senior secured loan2023-12-310001287750CHG PPC Parent LLC & PPC CHG Blocker LLC, Common units2023-12-310001287750arcc:CHGPPCParentLLCPPCCHGBlockerLLCMember2023-12-310001287750Demakes Borrower, LLC, First lien senior secured loan2023-12-310001287750Florida Food Products, LLC, First lien senior secured loan 12023-12-310001287750Florida Food Products, LLC, First lien senior secured loan 22023-12-310001287750Florida Food Products, LLC, Second lien senior secured loan2023-12-310001287750arcc:FloridaFoodProductsLLCMember2023-12-310001287750GF Parent LLC, Class A preferred units2023-12-310001287750GF Parent LLC, Class A common units2023-12-310001287750arcc:GFParentLLCMember2023-12-310001287750Gotham Greens Holdings, PBC, First lien senior secured loan2023-12-310001287750Gotham Greens Holdings, PBC, Series E-1 preferred stock 12023-12-310001287750Gotham Greens Holdings, PBC, Series E-1 preferred stock 22023-12-310001287750Gotham Greens Holdings, PBC, Warrant to purchase shares of Series E-1 preferred stock2023-12-310001287750arcc:GothamGreensHoldingsPBCMember2023-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 12023-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 22023-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 32023-12-310001287750arcc:KNPCHoldCoLLCMember2023-12-310001287750Manna Pro Products, LLC, First lien senior secured revolving loan2023-12-310001287750Max US Bidco Inc., First lien senior secured loan2023-12-310001287750RB Holdings InterCo, LLC, First lien senior secured revolving loan2023-12-310001287750RB Holdings InterCo, LLC, First lien senior secured loan2023-12-310001287750arcc:RBHoldingsInterCoLLCMember2023-12-310001287750RF HP SCF Investor, LLC, Membership interest2023-12-310001287750Sugar PPC Buyer LLC, First lien senior secured loan2023-12-310001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., First lien senior secured loan2023-12-310001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., Warrant to purchase shares of common stock2023-12-310001287750arcc:TeasdaleFoodsIncAndFamiliaGroupHoldingsIncMember2023-12-310001287750Triton Water Holdings, Inc., First lien senior secured loan2023-12-310001287750Triton Water Holdings, Inc., Senior subordinated loan2023-12-310001287750arcc:TritonWaterHoldingsIncMember2023-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan2023-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, Class A units2023-12-310001287750arcc:WatermillExpressLLCAndWatermillExpressHoldingsLLCMember2023-12-310001287750Winebow Holdings, Inc. and The Vintner Group, Inc., First lien senior secured loan2023-12-310001287750us-gaap:FoodAndBeverageSectorMember2023-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., First lien senior secured loan2023-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Second lien senior secured loan2023-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Class A preferred units2023-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Series A preferred shares2023-12-310001287750arcc:BalrogAcquisitionIncBalrogTopcoIncAndBalrogParentLPMember2023-12-310001287750BR PJK Produce, LLC, First lien senior secured loan2023-12-310001287750City Line Distributors LLC and City Line Investments LLC, First lien senior secured loan2023-12-310001287750City Line Distributors LLC and City Line Investments LLC, Class A units2023-12-310001287750arcc:CityLineDistributorsLLCAndCityLineInvestmentsLLCMember2023-12-310001287750Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured revolving loan2023-12-310001287750Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured loan 12023-12-310001287750Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured loan 22023-12-310001287750Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured loan 32023-12-310001287750arcc:ContinentalCafeLLCAndInfinityOvationYachtChartersLLCMember2023-12-310001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured revolving loan2023-12-310001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured loan2023-12-310001287750DecoPac, Inc. and KCAKE Holdings Inc., Common stock2023-12-310001287750arcc:DecoPacIncAndKCAKEHoldingsIncMember2023-12-310001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured revolving loan2023-12-310001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured loan2023-12-310001287750FS Squared Holding Corp. and FS Squared, LLC, Class A units2023-12-310001287750arcc:FSSquaredHoldingCorpAndFSSquaredLLCMember2023-12-310001287750JWC/KI Holdings, LLC, Membership units2023-12-310001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., First lien senior secured loan2023-12-310001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., Limited partnership interests2023-12-310001287750arcc:LJPerimeterBuyerIncAndLJPerimeterCoInvestLPMember2023-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured revolving loan2023-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan2023-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, Class B limited liability company interest2023-12-310001287750arcc:MrGreensIntermediateLLCFloridaVegInvestmentsLLCMRGTexasLLCAndRestaurantProduceAndServicesBlockerLLCMember2023-12-310001287750SFE Intermediate Holdco LLC, First lien senior secured loan 12023-12-310001287750SFE Intermediate Holdco LLC, First lien senior secured loan 22023-12-310001287750SFE Intermediate Holdco LLC, First lien senior secured loan 32023-12-310001287750arcc:SFEIntermediateHoldcoLLCMember2023-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured revolving loan2023-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan2023-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units2023-12-310001287750arcc:WorldwideProduceAcquisitionLLCAndREPWWPCoinvestIVLPMember2023-12-310001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured revolving loan2023-12-310001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 12023-12-310001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 22023-12-310001287750ZB Holdco LLC and ZB TopCo LLC, Series A units2023-12-310001287750arcc:ZBHoldcoLLCZBParentLLCMember2023-12-310001287750arcc:ConsumerStaplesDistributionAndRetailMember2023-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 12023-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 22023-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 12023-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 22023-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Class A common units2023-12-310001287750arcc:AutomotiveKeysGroupLLCAndAutomotiveKeysInvestorLLCMember2023-12-310001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 12023-12-310001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 22023-12-310001287750arcc:ContinentalAcquisitionHoldingsIncMember2023-12-310001287750Eckler Purchaser LLC, Class A common units2023-12-310001287750Faraday Buyer, LLC, First lien senior secured loan2023-12-310001287750Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc., Warrant to purchase shares of Class A common stock2023-12-310001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, First lien senior secured revolving loan2023-12-310001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Second lien senior secured loan2023-12-310001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Co-invest units2023-12-310001287750arcc:HighlineAftermarketAcquisitionLLCHighlineAftermarketSCAcquisitionIncAndHighlinePPCBlockerLLCMember2023-12-310001287750New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured revolving loan2023-12-310001287750New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured loan2023-12-310001287750New ChurcHill HoldCo LLC and Victory Topco, LP, Class A-2 common units2023-12-310001287750arcc:NewChurcHillHoldCoLLCAndVictoryTopcoLPMember2023-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured revolving loan2023-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 12023-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 22023-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, Class A units2023-12-310001287750arcc:SunAcquirerCorpAndSunTopCoLPMember2023-12-310001287750Wand Newco 3, Inc., Second lien senior secured loan2023-12-310001287750arcc:AutomobilesAndComponentsSectorMember2023-12-310001287750Abzena Holdings, Inc. and Astro Group Holdings Ltd., A ordinary shares2023-12-310001287750ADMA Biologics Inc., First lien senior secured loan2023-12-310001287750Alcami Corporation and ACM Note Holdings, LLC, First lien senior secured loan2023-12-310001287750Alcami Corporation and ACM Note Holdings, LLC, Senior subordinated loan2023-12-310001287750arcc:AlcamiCorporationAndACMHoldingsILLCMember2023-12-310001287750Athyrium Buffalo LP, Limited partnership interests 12023-12-310001287750Athyrium Buffalo LP, Limited partnership interests 22023-12-310001287750arcc:AthyriumBuffaloLPMember2023-12-310001287750Bamboo US BidCo LLC, First lien senior secured loan2023-12-310001287750Caerus Midco 3 S.à r.l., First lien senior secured revolving loan2023-12-310001287750Caerus Midco 3 S.à r.l., First lien senior secured loan2023-12-310001287750arcc:CaerusMidco3SaRlMember2023-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured revolving loan2023-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 12023-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 22023-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Series A preferred shares2023-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Preferred units2023-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Class A common units2023-12-310001287750arcc:CobaltBuyerSubIncCobaltHoldingsILPAndCobaltIntermediateIIncMember2023-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan2023-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 12023-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 22023-12-310001287750arcc:NMCSkincareIntermediateHoldingsIILLCMember2023-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 12023-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 22023-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 32023-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 42023-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Senior subordinated loan2023-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Class A preferred units2023-12-310001287750arcc:NorthAmericanScienceAssociatesLLCCardinalPurchaserLLCAndCardinalTopcoHoldingsLPMember2023-12-310001287750Verista, Inc., First lien senior secured revolving loan2023-12-310001287750Verista, Inc., First lien senior secured loan2023-12-310001287750arcc:VeristaInc.Member2023-12-310001287750Vertice Pharma UK Parent Limited, Preferred shares2023-12-310001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., First lien senior secured loan2023-12-310001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., Limited partnership interest2023-12-310001287750arcc:WCIBXCPurchaserLLCAndWCIBXCInvestmentHoldingsL.P.Member2023-12-310001287750arcc:PharmaceuticalsBiotechnologyAndLifeSciencesMember2023-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan2023-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, Class A units2023-12-310001287750arcc:ASPRPacAcquisitionCoLLCAndASPRPacHoldingsLPMember2023-12-310001287750Halex Holdings, Inc., Common stock2023-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 12023-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 22023-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 32023-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, Second lien senior secured loan2023-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, Common units2023-12-310001287750arcc:HFoodHoldingsLLCAndMatterhornParentLLCMember2023-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 12023-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 22023-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 12023-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 22023-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 32023-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., Class A units2023-12-310001287750arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember2023-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 12023-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 22023-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class A preferred units2023-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class C units2023-12-310001287750arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember2023-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, First lien senior secured loan2023-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Second lien senior secured loan2023-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Preferred units2023-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Co-Invest units2023-12-310001287750arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember2023-12-310001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 12023-12-310001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 22023-12-310001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 32023-12-310001287750arcc:PrecisionConceptsInternationalLLCAndPrecisionConceptsCanadaCorporationMember2023-12-310001287750SCI PH Parent, Inc., Series B shares2023-12-310001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 12023-12-310001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 22023-12-310001287750Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase shares of ordinary shares2023-12-310001287750Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase units of class B units2023-12-310001287750arcc:VobevLLCAndVobevHoldingsLLCMember2023-12-310001287750arcc:MaterialsSectorMember2023-12-310001287750Chariot Buyer LLC, Second lien senior secured loan2023-12-310001287750Everspin Technologies, Inc., Warrant to purchase shares of common stock2023-12-310001287750ITI Holdings, Inc., First lien senior secured revolving loan 12023-12-310001287750ITI Holdings, Inc., First lien senior secured revolving loan 22023-12-310001287750ITI Holdings, Inc., First lien senior secured revolving loan 32023-12-310001287750ITI Holdings, Inc., First lien senior secured loan2023-12-310001287750arcc:ITIHoldingsIncMember2023-12-310001287750Micromeritics Instrument Corp., First lien senior secured loan2023-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 12023-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 22023-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Limited partnership interests2023-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Class A-2 units2023-12-310001287750arcc:PerkinElmerUSLLCAndNMPolarisCoInvestLPMember2023-12-310001287750Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured revolving loan2023-12-310001287750Repairify, Inc. and Repairify Holdings, LLC, Class A common units2023-12-310001287750arcc:RepairifyIncAndRepairifyHoldingsLLCMember2023-12-310001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured revolving loan2023-12-310001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 12023-12-310001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 22023-12-310001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 32023-12-310001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 42023-12-310001287750Wildcat BuyerCo, Inc. and Wildcat Parent, LP, Limited partnership interests2023-12-310001287750arcc:WildcatBuyerCoIncAndWildcatParentLPMember2023-12-310001287750arcc:TechnologyHardwareAndEquipmentMember2023-12-310001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., First lien senior secured loan2023-12-310001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., Common stock2023-12-310001287750arcc:BeaconWellnessBrandsIncAndCDIHoldingsICorpMember2023-12-310001287750Foundation Consumer Brands, LLC, First lien senior secured loan 12023-12-310001287750Foundation Consumer Brands, LLC, First lien senior secured loan 22023-12-310001287750arcc:FoundationConsumerBrandsLLCMember2023-12-310001287750LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., First lien senior secured loan 12023-12-310001287750LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., First lien senior secured loan 22023-12-310001287750LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., Preferred units2023-12-310001287750LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., Class B common units2023-12-310001287750arcc:LifeStylesBidcoLtdLifestylesIntermediateHoldcoLtdAndLifeStylesParentLPMember2023-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured revolving loan2023-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured loan2023-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., Limited partner interests2023-12-310001287750arcc:PremierSpecialtiesInc.AndRMCFVCIVXLIVL.P.Member2023-12-310001287750RD Holdco Inc., Senior subordinated loan 12023-12-310001287750RD Holdco Inc., Senior subordinated loan 22023-12-310001287750RD Holdco Inc., Common stock2023-12-310001287750arcc:RDHoldcoIncMember2023-12-310001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan2023-12-310001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan2023-12-310001287750Silk Holdings III Corp. and Silk Holdings I Corp., Common stock2023-12-310001287750arcc:SilkHoldingsIIICorp.AndSilkHoldingsICorp.Member2023-12-310001287750Walnut Parent, Inc., First lien senior secured loan 12023-12-310001287750Walnut Parent, Inc., First lien senior secured loan 22023-12-310001287750arcc:WalnutParentIncMember2023-12-310001287750arcc:HouseholdAndPersonalProductsMember2023-12-310001287750Aventiv Technologies, LLC and Securus Technologies Holdings, Inc., First lien senior secured loan2023-12-310001287750Aventiv Technologies, LLC and Securus Technologies Holdings, Inc., Second lien senior secured loan2023-12-310001287750arcc:AventivTechnologiesLLCAndSecurusTechnologiesHoldingsIncMember2023-12-310001287750Emergency Communications Network, LLC, First lien senior secured revolving loan2023-12-310001287750Emergency Communications Network, LLC, First lien senior secured loan2023-12-310001287750arcc:EmergencyCommunicationsNetworkLLCMember2023-12-310001287750arcc:TelecommunicationServicesMember2023-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 12023-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 22023-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 32023-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., Common stock2023-12-310001287750arcc:ShurCoAcquisitionIncAndShurCoHoldCoIncMember2023-12-310001287750arcc:TransportationMember2023-12-310001287750Excelligence Holdings Corp., First lien senior secured loan2023-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan 12023-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan 22023-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 12023-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 22023-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., Series A preferred stock2023-12-310001287750arcc:FlinnScientificIncAndWCIQuantumHoldingsIncMember2023-12-310001287750arcc:EducationMember2023-12-310001287750EUR, Royal Bank of Canada, Company Settlement Date 1/26/20242023-12-310001287750GBP, Royal Bank of Canada, Company Settlement Date 1/26/20242023-12-310001287750CAD, Royal Bank of Canada, Company Settlement Date 1/26/20242023-12-310001287750CAD, Royal Bank of Canada, Company Settlement Date 1/18/20242023-12-310001287750GBP, Royal Bank of Canada, Company Settlement Date Aug 21, 20262023-12-310001287750NZD, Royal Bank of Canada, Company Settlement Date 1/26/20242023-12-310001287750USD, Royal Bank of Canada, Company Settlement Date Jan 26, 20242023-12-310001287750AUD, Royal Bank of Canada, Company Settlement Date 11/17/20262023-12-310001287750CAD, CIBC - Toronto, Company Settlement Date 1/26/242023-12-310001287750arcc:InterestRateSwap1Member2023-12-310001287750arcc:InterestRateSwap2Member2023-12-310001287750us-gaap:InterestRateSwapMember2023-12-310001287750Apex Clean Energy TopCo, LLC2023-01-012023-12-310001287750Apex Clean Energy TopCo, LLC2023-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2023-01-012023-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2023-12-310001287750Blue Wolf Capital Fund II, L.P.2023-01-012023-12-310001287750Blue Wolf Capital Fund II, L.P.2023-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2023-01-012023-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2023-12-310001287750Daylight Beta Parent LLC and CFCo, LLC2023-01-012023-12-310001287750Daylight Beta Parent LLC and CFCo, LLC2023-12-310001287750ESCP PPG Holdings, LLC2023-01-012023-12-310001287750ESCP PPG Holdings, LLC2023-12-310001287750European Capital UK SME Debt LP2023-01-012023-12-310001287750European Capital UK SME Debt LP2023-12-310001287750PCG-Ares Sidecar Investment, L.P.2023-01-012023-12-310001287750PCG-Ares Sidecar Investment, L.P.2023-12-310001287750PCG-Ares Sidecar Investment II, L.P.2023-01-012023-12-310001287750PCG-Ares Sidecar Investment II, L.P.2023-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC2023-01-012023-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC2023-12-310001287750Shock Doctor, Inc. and Shock Doctor Holdings, LLC2023-01-012023-12-310001287750Shock Doctor, Inc. and Shock Doctor Holdings, LLC2023-12-310001287750Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2023-01-012023-12-310001287750Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2023-12-310001287750us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2023-01-012023-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2023-12-310001287750ACAS Equity Holdings Corporation2023-01-012023-12-310001287750ACAS Equity Holdings Corporation2023-12-310001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2023-01-012023-12-310001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2023-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC2023-01-012023-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC2023-12-310001287750CoLTs 2005-1 Ltd.2023-01-012023-12-310001287750CoLTs 2005-1 Ltd.2023-12-310001287750Eckler Industries, Inc. and Eckler Purchaser LLC2023-01-012023-12-310001287750Eckler Industries, Inc. and Eckler Purchaser LLC2023-12-310001287750Halex Holdings, Inc.2023-01-012023-12-310001287750Halex Holdings, Inc.2023-12-310001287750HCI Equity, LLC2023-01-012023-12-310001287750HCI Equity, LLC2023-12-310001287750Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC2023-01-012023-12-310001287750Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC2023-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation2023-01-012023-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation2023-12-310001287750Ivy Hill Asset Management, L.P.2023-01-012023-12-310001287750Ivy Hill Asset Management, L.P.2023-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC2023-01-012023-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC2023-12-310001287750Potomac Intermediate Holdings II LLC2023-01-012023-12-310001287750Potomac Intermediate Holdings II LLC2023-12-310001287750PS Operating Company LLC and PS Op Holdings LLC2023-01-012023-12-310001287750PS Operating Company LLC and PS Op Holdings LLC2023-12-310001287750RD Holdco 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LP2023-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP2023-12-310001287750ATI Restoration, LLC2023-12-310001287750Avalara, Inc.2023-12-310001287750Avetta, LLC2023-12-310001287750Bamboo US BidCo LLC2023-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP2023-12-310001287750Beacon Pointe Harmony, LLC2023-12-310001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp.2023-12-310001287750Belfor Holdings, Inc.2023-12-310001287750Benecon Midco II LLC and Locutus Holdco LLC2023-12-310001287750Berner Food & Beverage, LLC2023-12-310001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC2023-12-310001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P.2023-12-310001287750Borrower R365 Holdings LLC2023-12-310001287750Bottomline Technologies, Inc. and Legal Spend Holdings, LLC2023-12-310001287750BR PJK Produce, LLC2023-12-310001287750BradyIFS Holdings, LLC2023-12-310001287750Businessolver.com, Inc.2023-12-310001287750Caerus Midco 3 S.à r.l.2023-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP2023-12-310001287750Captive Resources Midco, LLC2023-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.2023-12-310001287750Center for Autism and Related Disorders, LLC2023-12-310001287750Centric Brands LLC and Centric Brands GP LLC2023-12-310001287750Chariot Buyer LLC2023-12-310001287750Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC2023-12-310001287750City Line Distributors LLC and City Line Investments LLC2023-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC2023-12-310001287750Cliffwater LLC2023-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.2023-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc.2023-12-310001287750Cobalt Buyer Sub, 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Inc.2023-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc.2023-12-310001287750Elevation Services Parent Holdings, LLC2023-12-310001287750Emergency Communications Network, LLC2023-12-310001287750Enverus Holdings, Inc.2023-12-310001287750EP Wealth Advisors, LLC2023-12-310001287750EpiServer Inc. and Episerver Sweden Holdings AB2023-12-310001287750EPS NASS Parent, Inc.2023-12-310001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.2023-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC2023-12-310001287750Eternal Aus Bidco Pty Ltd2023-12-310001287750Excel Fitness Consolidator LLC2023-12-310001287750Extrahop Networks, Inc.2023-12-310001287750Faraday Buyer, LLC2023-12-310001287750Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.2023-12-310001287750FL Hawk Intermediate Holdings, Inc.2023-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.2023-12-310001287750Flint OpCo, 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Company, LLC2023-12-310001287750HealthEdge Software, Inc.2023-12-310001287750Heavy Construction Systems Specialists, LLC2023-12-310001287750Helios Service Partners, LLC and Astra Service Partners, LLC2023-12-310001287750Help/Systems Holdings, Inc.2023-12-310001287750HGC Holdings, LLC2023-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP2023-12-310001287750Higginbotham Insurance Agency, Inc.2023-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC2023-12-310001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC2023-12-310001287750Hills Distribution, Inc.2023-12-310001287750HP RSS Buyer, Inc.2023-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP2023-12-310001287750Hyland Software, Inc.2023-12-310001287750Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.2023-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC2023-12-310001287750IQN Holding Corp.2023-12-310001287750IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.2023-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.2023-12-310001287750ITI Holdings, Inc.2023-12-310001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc.2023-12-310001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC)2023-12-310001287750Kene Acquisition, Inc. and Kene Holdings, L.P.2023-12-310001287750Keystone Agency Partners LLC2023-12-310001287750Kings Buyer, LLC2023-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC2023-12-310001287750LeanTaaS Holdings, Inc.2023-12-310001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.2023-12-310001287750Lew's Intermediate Holdings, LLC2023-12-310001287750Lido Advisors, LLC2023-12-310001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.2023-12-310001287750LJP Purchaser, Inc. and LJP Topco, LP2023-12-310001287750Majesco and Magic Topco, L.P.2023-12-310001287750Manna Pro Products, LLC2023-12-310001287750Marmic Purchaser, LLC and Marmic Topco, L.P.2023-12-310001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP2023-12-310001287750McKenzie Creative Brands, LLC2023-12-310001287750Medline Borrower, LP2023-12-310001287750Micromeritics Instrument Corp.2023-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp2023-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.2023-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC2023-12-310001287750Monica Holdco (US) Inc.2023-12-310001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC2023-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC2023-12-310001287750MRI Software LLC2023-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC2023-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.2023-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.2023-12-310001287750New Churchill Holdco LLC2023-12-310001287750Next Holdco, LLC2023-12-310001287750NMC Skincare Intermediate Holdings II, LLC2023-12-310001287750NMN Holdings III Corp. and NMN Holdings LP2023-12-310001287750North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC2023-12-310001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC2023-12-310001287750North Haven Stack Buyer, LLC2023-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC2023-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP2023-12-310001287750OMH-HealthEdge Holdings, LLC2023-12-310001287750OneDigital Borrower LLC2023-12-310001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc.2023-12-310001287750Paragon 28, Inc.2023-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.2023-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC2023-12-310001287750Patriot Growth Insurance Services, LLC2023-12-310001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC2023-12-310001287750PDDS HoldCo, Inc.2023-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC2023-12-310001287750Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC2023-12-310001287750Pelican Products, Inc.2023-12-310001287750People Corporation2023-12-310001287750Perforce Software, Inc.2023-12-310001287750PestCo Holdings, LLC and PestCo, LLC2023-12-310001287750Petrus Buyer, Inc.2023-12-310001287750PetVet Care Centers, LLC2023-12-310001287750Petvisor Holdings, LLC2023-12-310001287750Ping Identity Holding Corp.2023-12-310001287750Pluralsight, Inc.2023-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC2023-12-310001287750Precision Concepts 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Corporation, Diecast Beacon2023-12-310001287750Sunrun Luna Holdco 2021, LLC2023-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.2023-12-310001287750Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC2023-12-310001287750Systems Planning and Analysis, Inc.2023-12-310001287750TA/WEG Holdings, LLC2023-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.2023-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.2023-12-310001287750TCP Hawker Intermediate LLC2023-12-310001287750The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.2023-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP2023-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC2023-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP2023-12-310001287750Thermostat Purchaser III, 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美国

证券交易委员会

华盛顿特区20549

表格：10-Q

ý 根据1934年《证券交易法》第13或15（d）条的季度报告

截至本季度末2024年9月30日

或

o 根据1934年《证券交易所法》第13或15（d）条提交的过渡报告

从_到_的过渡期  

委员会档案号：814-00663 

战神资本公司

（注册人章程中规定的确切名称）

马里兰州						33-1089684
(述明或其他司法管辖权						(税务局雇主
公司或组织)						识别码)

公园大道245号, 44这是地板, 纽约, 纽约 10167

（主要行政办公室地址） (Zip代码）

(212) 750-7300

(注册人的电话号码，包括区号)

____________________________________________________________________

根据该法第12(B)条登记的证券：

每个班级的标题			交易符号			注册的每个交易所的名称
普通股，每股票面价值0.001美元			ARCC			纳斯达克全球精选市场

通过勾选标记确认注册人是否（1）在过去12个月内（或在注册人被要求提交此类报告的较短期限内）提交了1934年证券交易法第13或15（d）条要求提交的所有报告，以及（2）在过去90天内是否已遵守此类提交要求： 是  ý  没有问题。o

通过勾选标记检查注册人是否已在过去12个月内（或在注册人被要求提交此类文件的较短期限内）以电子方式提交了根据S-t法规第405条（本章第232.405条）要求提交的所有交互数据文件。 是 ý 没有 o

通过复选标记来确定注册人是大型加速申报人、加速申报人、非加速申报人、小型报告公司还是新兴成长型公司。请参阅《交易法》第120亿.2条规则中“大型加速申报人”、“加速申报人”、“小型报告公司”和“新兴成长型公司”的定义。

大型加速文件服务器 x						加速的文件管理器o
非加速文件服务器o						规模较小的报告公司。o
						新兴成长型公司o

如果是一家新兴的成长型公司，用复选标记表示注册人是否已选择不使用延长的过渡期来遵守根据《交易所法》第13(A)节提供的任何新的或修订的财务会计准则。o

用复选标记表示注册人是否是空壳公司(如《交易法》第12b-2条所定义)。是o*否ý

注明截至最后实际可行日期，发行人所属各类普通股的流通股数量。

班级						2024年10月25日未完成
普通股，面值0.001美元						646,076,139

---

ARES Capital Corporation

 

索引

 

第一部分。			财务信息
第1项。			财务报表
			截至2011年的合并资产负债表 九月 2024年30日（未经审计）和2023年12月31日			3
			三人的合并运营报表 九 截至 九月 30, 2024 和2023年（未经审计）			4
			截至日期的综合投资计划 九月 30, 2024 （未经审计）及2023年12月31日			5
			合并股东权益表 三个和九 截至 九月 30, 2024 （未经审计）及截至2023年12月31日的年度			141
			合并现金流量表 九 截至 九月 30, 2024 和2023年（未经审计）			142
			合并财务报表附注(未经审计)			143
第二项。			管理层对财务状况和经营成果的探讨与分析			187
第三项。			关于市场风险的定量和定性披露			223
第四项。			控制和程序			224
第二部分。			其他信息
第1项。			法律诉讼			224
第1A项。			风险因素			225
第二项。			未登记的股权证券销售和收益的使用			225
第三项。			高级证券违约			225
第四项。			煤矿安全信息披露			225
第五项。			其他信息			225
第六项。			陈列品			226
			签名			227

2

---

第一部分-财务信息

项目1. 财务报表

ARES Capital Corporation及其子公司

合并资产负债表

(单位：百万，不包括每股数据)

			截至
			2024年9月30日						2023年12月31日
			(未经审计)
资产
按公允价值计算的投资
非受控/非关联公司投资			$	21,458					$	18,283
非受控联属公司投资			717						424
受控关联公司投资			3,743						4,167
按公允价值计算的投资总额(摊余成本为#美元25,573 和$22,668，分别)			25,918						22,874
现金及现金等价物			486						535
受限现金			138						29
应收利息			269						245
未平仓交易应收账款			113						16
其他资产			169						91
经营性租赁使用权资产			7						10
总资产			$	27,100					$	23,800
负债
债务			$	13,500					$	11,884
应付基本管理费			96						84
基于收入的应付费用			92						90
应付资本利得激励费			106						88
应付利息和设施费			119						132
支付给参与者			38						29
应付未平仓交易			45						7
应付帐款和其他负债			284						234
有担保借款			34						34
经营租赁负债			13						17
总负债			14,327						12,599
承付款和或有事项(附注7)
股东权益
普通股，面值$0.001 每股， 1,000 授权的普通股; 646 和 582 已发行和发行的普通股			1						1
超出票面价值的资本			12,044						10,738
累计未分配收益			728						462
股东权益总额			12,773						11,201
总负债和股东权益			$	27,100					$	23,800
每股净资产			$	19.77					$	19.24

见合并财务报表附注。

3

---

ARES Capital Corporation及其子公司

合并业务报表

(单位：百万，不包括每股数据)

(未经审计)

			截至9月30日的三个月，												在截至9月30日的9个月内，
			2024						2023						2024						2023
投资收益：
来自非受控/非附属公司投资：
利息收入（不包括实物支付（“PIK”）利息收入）			$	465					$	401					$	1,312					$	1,144
PIK利息收入			43						32						128						104
资本结构服务费			33						20						115						46
股息收入			80						64						232						178
其他收入			16						11						40						40
非受控/非附属公司投资的总投资收入			637						528						1,827						1,512
来自非受控附属公司投资：
利息收入（不包括PIk利息收入）			6						3						14						9
PIK利息收入			3						1						9						3
资本结构服务费			1						—						3						—
股息收入			—						1						1						7
其他收入			1						—						2						—
非受控联属公司投资的总投资收入			11						5						29						19
来自受控附属公司投资：
利息收入（不包括PIk利息收入）			46						53						144						169
PIK利息收入			5						5						13						12
资本结构服务费			4						—						6						5
股息收入			71						63						208						187
其他收入			1						1						4						3
受控附属公司投资的投资总收入			127						122						375						376
总投资收益			775						655						2,231						1,907
费用：
利息和信贷设施费用			195						145						528						425
基地管理费			96						81						274						239
基于收入的费用			92						83						273						238
资本利得激励费			7						42						19						40
行政费用和其他费用			3						4						9						10
其他一般事务和行政事务			9						8						24						23
总费用			402						363						1,127						975
净投资所得税前收入			373						292						1,104						932
所得税支出，包括消费税			12						3						60						11
净投资收益			361						289						1,044						921
投资、外币和其他交易的实现和未实现的收益（损失）：
已实现净收益(亏损)：
非受控/非关联公司投资			(15)						(72)						(43)						(160)
非受控联属公司投资			—						—						(6)						—
受控关联公司投资			(4)						—						24						—
外币和其他交易			(5)						(4)						(5)						(47)
已实现净亏损			(24)						(76)						(30)						(207)
未实现净收益（损失）：
非受控/非关联公司投资			65						255						150						324
非受控联属公司投资			21						5						34						19
受控关联公司投资			(12)						—						(22)						(1)
外币和其他交易			(17)						27						3						53
未实现净收益			57						287						165						395
投资、外币和其他交易的已实现和未实现净收益			33						211						135						188
因消灭债务而实现的损失			—						—						(14)						—
股东持股数量不增加			$	394					$	500					$	1,165					$	1,109
每股普通股净收入（见注释10）
基本信息			$	0.62					$	0.89					$	1.90					$	2.03
稀释			$	0.62					$	0.87					$	1.90					$	1.98
普通股加权平均股份（见注10）
基本信息			635						562						614						548
稀释			635						582						614						568

见合并财务报表附注。

4

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ARES Capital Corporation及其子公司

综合投资时间表

截至2024年9月30日

（百万美元）

(未经审计)

公司（1）						业务描述						投资						优惠券(3)			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			本金						摊销成本						公允价值						净资产的百分比
软件和服务
Actfy Buyer，Inc.（15）						端到端欺诈管理工作流程解决方案的软件提供商						第一留置权优先担保贷款						9.85%			SOFR（M）			5.00%						05/2024						05/2031									$	57.2					$	57.2					$	56.0		(2)(11)
Activate Holdings（US）Corp.和CrossPoint Capital AS SPV，LP（15）						支持计算设备、应用程序、数据和网络的管理和安全的软件服务提供商						第一留置权优先担保贷款						9.85%			SOFR（Q）			5.25%						07/2023						07/2030									42.6						42.6						42.6			(2)(6)(11)
												第一留置权优先担保贷款						9.85%			SOFR（Q）			5.25%						09/2024						07/2030									6.9						6.9						6.9			(2)(6)(11)
												有限合伙权益						8.00%PIK												10/2023												9,249,000									9.5						13.9			(2)(6)
																																																			59.0						63.4
人工智能泰坦母公司（15）						工厂维护/调度软件提供商						第一留置权优先担保贷款						9.81%			SOFR（Q）			4.75%						08/2024						08/2031									61.5						61.5						60.9			(2)(11)
阿纳普兰公司（15）						基于云的互联业务分析规划平台提供商						第一留置权优先担保贷款						9.85%			SOFR（Q）			5.25%						06/2022						06/2029									1.8						1.8						1.8			(2)(11)
												第一留置权优先担保贷款						9.85%			SOFR（Q）			5.25%						05/2024						06/2029									4.1						4.1						4.1			(2)(11)
																																																			5.9						5.9
阿纳夸母控股公司& Astorg VII共同投资阿纳夸（15）						知识产权管理生命周期软件提供商						第一留置权优先担保贷款						8.10%			Euribor（Q）			4.75%						04/2019						08/2031									8.1						8.2						8.1			(2)
												第一留置权优先担保贷款						9.45%			SOFR（S）			4.75%						06/2021						04/2026									3.7						3.7						3.7			(2)(11)
												第一留置权优先担保贷款						10.06%			SOFR（Q）			4.75%						01/2024						04/2026									5.4						5.4						5.4			(2)(11)
												有限合伙单位																		06/2019												4,898,740									4.2						12.0			(2)(6)
																																																			21.5						29.2
APL中间控股公司和APL Holdings，LLC（4）（15）						飞机性能软件提供商						第一留置权优先担保贷款						9.80%			SOFR（S）			5.25%						01/2020						01/2025									13.1						13.1						13.1			(2)(11)
												A类会员单位																		01/2020												9,750,000									9.8						5.5			(2)
																																																			22.9						18.6
Appriss Health，LLC和Appriss Health Intermediate Holdings，Inc.（15）						用于识别、预防和管理物质使用障碍的软件平台						第一留置权优先担保贷款						12.08%			SOFR（Q）			7.00%						05/2021						05/2027									5.6						5.6						5.6			(2)(11)
												A系列优先股						11.00%PIK												05/2021												32,236									46.9						45.0			(2)
																																																			52.5						50.6
阿普特安公司和Aptean Acquizer Inc.（15）						CRM、企业资源规划和供应链软件应用提供商						第一留置权优先担保贷款						9.85%			SOFR（M）			5.00%						01/2024						01/2031									17.1						17.0						17.1			(2)(11)
Bidco，Inc.（15）						面向全球企业客户的供应链风险管理SaaS平台						第一留置权优先担保贷款						9.10%			SOFR（Q）			4.50%						05/2024						07/2031									18.9						18.9						18.7			(2)(11)
奥克特内公司						邮寄和运输解决方案提供商						第一留置权优先担保贷款						10.94%			SOFR（S）			5.75%						10/2021						10/2028									144.2						144.2						137.0			(2)(11)
阿瓦拉拉公司（15）						全球交易税务合规基于云的解决方案提供商						第一留置权优先担保贷款						10.85%			SOFR（Q）			6.25%						10/2022						10/2028									72.2						72.2						72.2			(2)(11)

见合并财务报表附注

5

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ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（百万美元）

(未经审计)

公司（1）						业务描述						投资						优惠券(3)			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			本金						摊销成本						公允价值						净资产的百分比
Banyan Software Holdings，LLC和Banyan Software，LP（15）						垂直软件业务控股公司						第一留置权优先担保循环贷款						10.35%			SOFR（M）			5.50%						01/2023						10/2026									1.0						1.0						1.0			(2)(6)(11)
												第一留置权优先担保贷款						11.95%			SOFR（M）			7.00%						10/2020						10/2026									1.0						1.0						1.0			(2)(6)(11)
												第一优先权高级担保贷款						11.95%			SOFR（M）			7.00%						12/2021						10/2026									0.2						0.2						0.2			(2)(6)(11)
												第一留置权优先担保贷款						12.20%			SOFR（M）			7.25%						01/2023						10/2026									10.5						10.5						10.5			(2)(6)(11)
												第一优先权高级担保贷款						11.12%			SOFR（M）			6.25%						01/2024						10/2026									17.4						17.4						17.4			(2)(6)(11)
												首选单位																		01/2022												120,999									4.1						11.5			(2)(6)
																																																			34.2						41.6
BPTO点火买方公司						企业软件供应商						第一优先权高级担保贷款						14.28%PIK			SOFR（Q）			9.00%						04/2023						10/2030									3.9						3.9						3.9			(2)(6)(11)
山猫买家有限责任公司和山猫Topco，LP（15）						医疗保健软件提供商						第一优先权高级担保贷款						9.39%			SOFR（Q）			4.75%						06/2023						06/2030									15.7						15.7						15.7			(2)(11)
												A-1级单位																		06/2023												1,729,228									1.7						1.9
																																																			17.4						17.6
借款人R365 Holdings LLC（15）						餐饮企业资源规划系统提供商						第一优先权高级担保贷款						10.75%			SOFR（Q）			6.00%						06/2021						06/2027									15.9						15.8						15.9			(2)(11)
												第一留置权优先担保贷款						10.75%			SOFR（Q）			6.00%						01/2022						06/2027									1.9						1.9						1.9			(2)(11)
																																																			17.7						17.8
底部技术公司和Legal Spend Holdings，LLC（15）						支付自动化解决方案提供商						第一留置权优先担保贷款						10.10%			SOFR（M）			5.25%						05/2022						05/2029									8.0						8.0						8.0			(2)(11)
												第一留置权优先担保贷款						10.60%			SOFR（M）			5.75%						10/2023						05/2029									4.2						4.2						4.2			(2)(11)
																																																			12.2						12.2
Businessolver.com，Inc.（15）						为雇主和员工提供基于SaaS的福利解决方案的提供商						第一留置权优先担保贷款						10.20%			SOFR（Q）			5.50%						12/2021						12/2027									0.6						0.6						0.6			(2)(11)
红衣主教家长公司和Packers Software Intermediate Holdings，Inc.（15）						为保险经纪人提供软件和技术支持的内容和分析解决方案的提供商						第一留置权优先担保贷款						9.25%			SOFR（Q）			4.50%						04/2024						11/2027									11.1						10.6						10.3			(2)(11)(18)
												第二留置权优先担保贷款						12.52%			SOFR（Q）			7.75%						11/2020						11/2028									64.3						64.3						61.0			(2)(11)
												A系列优先股						11.00%PIK												11/2020												24,898									38.2						32.8			(2)
												A-2系列优先股						11.00%PIK												12/2020												8,963									13.6						11.7			(2)
												A-3系列优先股						11.00%PIK												11/2021												11,952									16.4						13.7			(2)
																																																			143.1						129.5
Centralsquare Technology，LLC和Supermoose Newco，Inc.（15）						公共部门关键任务软件解决方案提供商						第一留置权优先担保循环贷款																		04/2024						04/2030									—						—						—			(2)(13)
												第一留置权优先担保贷款						11.60% (3.50% PIK）			SOFR（M）			6.50%						04/2024						04/2030									141.0						141.0						137.5			(2)(11)
												A系列优先股						15.00%PIK												04/2024												83,332									89.3						89.3			(2)
																																																			230.3						226.8

见合并财务报表附注

6

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（百万美元）

(未经审计)

公司（1）						业务描述						投资						优惠券(3)			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			本金						摊销成本						公允价值						净资产的百分比
云软件集团公司皮卡德家长公司，云软件集团控股公司Picard HoldCo，LLC和Elliott Alto联合投资者聚合LP（15）						服务器、应用程序和桌面虚拟化、网络、软件即服务和云计算技术提供商						第一优先权优先担保票据						6.50%												09/2022						03/2029									88.9						87.1						88.3			(2)(18)
												第一优先权高级担保贷款						9.10%			SOFR（Q）			4.50%						03/2024						03/2031									8.6						8.5						8.6			(2)(11)(18)
												第一优先权高级担保贷款						8.60%			SOFR（M）			4.00%						05/2024						03/2029									15.6						15.1						15.5			(2)(11)(18)
												第二优先权优先担保票据						9.00%												04/2023						09/2029									121.0						113.3						123.0			(2)(18)
												有限合伙权益																		09/2022												12,250,000									12.3						32.3			(2)
																																																			236.3						267.7
社区品牌ParentCo，LLC						非营利机构的软件和支付服务提供商						A类单位																		12/2016												500,000									5.0						3.0			(2)
计算机服务公司（15）						社区银行基础设施软件提供商						第一优先权高级担保贷款						10.27%			SOFR（Q）			5.25%						11/2022						11/2029									33.6						33.6						33.6			(2)(11)
												第一优先权高级担保贷款						10.27%			SOFR（Q）			5.25%						02/2024						11/2029									5.4						5.4						5.4			(2)(11)
												第一优先权高级担保贷款						9.69%			SOFR（Q）			4.75%						09/2024						11/2029									19.0						19.0						19.0			(2)(11)
																																																			58.0						58.0
Conservation Midco，LLC						外包公用事业管理软件和计费解决方案的提供商						第二留置权优先担保贷款						10.10%			SOFR（M）			5.25%						05/2022						05/2028									15.5						15.5						15.5			(2)
Consilio Midco Limited、Compusoft US LLC和Consilio Investment Holdings，LP（15）						室内设计行业销售软件提供商						第一留置权优先担保循环贷款						10.50%			SOFR（Q）			5.75%						05/2021						05/2028									7.3						7.3						7.3			(2)(6)(11)
												第一留置权优先担保循环贷款						9.61%			欧里博尔（南）			6.25%						11/2021						05/2028									1.3						1.3						1.3			(2)(6)(11)
												第一留置权优先担保循环贷款						10.10%			SOFR（Q）			5.50%						04/2024						05/2028									1.8						1.8						1.8			(2)(6)(11)
												第一优先权高级担保贷款						10.50%			SOFR（Q）			5.75%						05/2021						05/2028									73.5						73.5						73.5			(2)(6)(11)
												第一优先权高级担保贷款						9.61%			Euribor（Q）			6.25%						11/2021						05/2028									0.5						0.4						0.5			(2)(6)(11)
												第一优先权高级担保贷款						9.61%			Euribor（Q）			6.25%						11/2021						05/2028									30.2						30.2						30.2			(2)(6)
												第一优先权高级担保贷款						10.50%			SOFR（Q）			5.75%						06/2022						05/2028									11.5						11.5						11.5			(2)(6)(11)
												第一优先权高级担保贷款						10.10%			SOFR（Q）			5.50%						04/2024						05/2028									0.3						0.3						0.3			(2)(6)(11)
												普通单位																		05/2021												483,584									4.8						8.0			(2)(6)
												A系列常用单位																		09/2022												23,340									0.2						0.4			(2)(6)
																																																			131.3						134.8
CoreLogic公司和t-VIII Celestial Co-Invest LP（15）						主要为抵押贷款、房地产和保险行业提供信息、洞察、分析、软件和其他外包服务的提供商						第二留置权优先担保贷款						11.46%			SOFR（M）			6.50%						06/2021						06/2029									155.7						155.7						151.0			(2)(11)
												有限合伙单位																		04/2021												59,665,989									59.7						38.1			(2)
																																																			215.4						189.1

见合并财务报表附注

7

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（百万美元）

(未经审计)

公司（1）						业务描述						投资						优惠券(3)			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			本金						摊销成本						公允价值						净资产的百分比
科里软件公司，考利软件（美国）公司，和Couity Parent，Inc.（15）						跟踪合规数据的环境、健康和安全软件提供商						第一优先权高级担保贷款						10.33%			SOFR（Q）			5.00%						07/2019						07/2026									6.2						6.2						6.2			(2)(6)(11)
												第一优先权高级担保贷款						10.33%			SOFR（Q）			5.00%						10/2019						07/2026									4.3						4.3						4.3			(2)(6)(11)
												第一优先权高级担保贷款						12.33%			SOFR（Q）			7.00%						09/2020						07/2026									0.1						0.1						0.1			(2)(6)(11)
												第一优先权高级担保贷款						10.83%			SOFR（Q）			5.50%						09/2022						07/2026									0.2						0.2						0.2			(2)(6)(11)
												第一优先权高级担保贷款						11.08%			SOFR（Q）			5.75%						04/2023						07/2026									7.6						7.6						7.6			(2)(6)(11)
												优先股权益						9.00%PIK												07/2019												198									0.3						1.0			(2)(6)
												普通股权益																		07/2019												190,143									—						—			(2)(6)
																																																			18.7						19.4
基石OnDemand，Inc.和阳光软件控股公司（15）						基于云的人才管理SaaS平台提供商						第一留置权优先担保循环贷款						8.41%			SOFR（M）			3.25%						10/2021						10/2026									7.1						7.1						6.6			(2)(14)
												第一优先权高级担保贷款						8.71%			SOFR（M）			3.75%						06/2024						10/2028									1.4						1.3						1.3			(2)(11)(18)
												第二留置权优先担保贷款						11.46%			SOFR（M）			6.50%						10/2021						10/2029									137.5						137.5						129.2			(2)(11)
												A系列优先股						10.50%PIK												10/2021												116,413									153.6						130.6			(2)
												A-1类普通股																		10/2021												1,360,100									13.6						15.8			(2)
																																																			313.1						283.5
Coupa Holdings，LLC和Coupa Software Incorporated（15）						商业支出管理软件提供商						第一优先权高级担保贷款						10.75%			SOFR（Q）			5.50%						03/2023						02/2030									9.0						9.0						9.0			(2)(11)
Datix Bidco Limited和RL Datix Holdings（USA），Inc.（15）						为患者安全和风险管理提供软件解决方案的全球医疗保健软件公司						第一优先权高级担保贷款						10.81%			SOFR（S）			5.50%						04/2024						04/2031									104.6						104.6						102.5			(2)(6)(11)
												第一优先权高级担保贷款						10.56%			索尼娅（S）			5.50%						04/2024						04/2031									56.7						53.1						55.6			(2)(6)(11)
																																																			157.7						158.1
Dcert Buyer，Inc.，DCert优先控股公司和命运数字控股有限公司						互联网安全工具和解决方案提供商						第二留置权优先担保贷款						11.85%			SOFR（M）			7.00%						05/2022						02/2029									11.0						10.5						10.7			(2)
												A系列优先股						10.50%PIK												05/2021												129,822									178.3						155.1			(2)
												A系列单位																		05/2021												817,194									13.3						9.9			(2)
																																																			202.1						175.7
Denali Holdco LLC和Denali Apexco LP（15）						网络安全审计和评估服务提供商						第一优先权高级担保贷款						9.85%			SOFR（M）			4.75%						07/2024						09/2028									33.3						33.3						33.2			(2)(11)
												A类单位																		02/2022												2,549,000									2.5						3.3			(2)
																																																			35.8						36.5
Diligent Corporation和Diligent优先发行人公司（15）						为董事会和领导团队文档提供安全SaaS解决方案						第一优先权高级担保贷款						10.09%			SOFR（Q）			5.00%						04/2024						08/2030									23.5						23.3						23.5			(2)(11)
												优先股						10.50%PIK												04/2021												13,140									18.5						17.6			(2)
																																																			41.8						41.1
DriveCentric Holdings，LLC（15）						汽车经销商行业CRm软件提供商						第一优先权高级担保贷款						9.87%			SOFR（Q）			4.75%						08/2024						08/2031									12.1						12.1						12.0			(2)(11)

见合并财务报表附注

8

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（百万美元）

(未经审计)

公司（1）						业务描述						投资						优惠券(3)			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			本金						摊销成本						公允价值						净资产的百分比
Echo买方公司（15）						为严格监管的终端市场提供关键任务安全、供应链和协作解决方案的软件提供商						第一留置权优先担保循环贷款						12.50%			基本利率（Q）			4.50%						11/2023						11/2029									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.35%			SOFR（M）			5.50%						11/2023						11/2029									10.6						10.6						10.6			(2)(11)
																																																			10.7						10.7
日食Topco，Inc.日食投资者母公司、LP和日食买家公司（15）						支付处理解决方案提供商						第一优先权高级担保贷款						9.74%			SOFR（S）			4.75%						09/2024						09/2031									196.1						196.1						194.1			(2)(11)
												首选单位						12.50%PIK												09/2024												656									6.6						6.4			(2)
												A类公用单位																		09/2024												563									0.6						0.6			(2)
																																																			203.3						201.1
埃德蒙兹政府科技公司（15）						为地方政府提供企业资源规划软件解决方案						第一留置权优先担保循环贷款						8.60%			SOFR（Q）			4.00%						02/2024						02/2030									1.7						1.7						1.7			(2)(11)
												第一优先权高级担保贷款						9.60%			SOFR（Q）			5.00%						02/2024						02/2031									18.5						18.5						18.5			(2)(11)
																																																			20.2						20.2
Elemica家长公司& ZZ Elemica Holdings，Inc.（15）						基于SaaS的供应链管理软件提供商专注于化学品市场						第一留置权优先担保循环贷款						10.67%			SOFR（Q）			5.50%						05/2024						09/2026									6.6						6.6						6.5			(2)(11)
												第一优先权高级担保贷款						10.94%			SOFR（Q）			5.50%						09/2019						09/2026									60.1						60.1						59.5			(2)(11)
												第一优先权高级担保贷款						10.95%			SOFR（Q）			5.50%						12/2020						09/2026									5.6						5.6						5.6			(2)(11)
												第一优先权高级担保贷款						10.75%			SOFR（Q）			5.50%						05/2024						09/2026									4.9						4.9						4.9			(2)(11)
												优先股权益																		09/2019												4,599									4.6						5.9			(2)
																																																			81.8						82.4
Enverus Holdings，Inc和泰坦DI优先控股公司（15）						基于SaaS的业务分析公司专注于石油和天然气行业						第一留置权优先担保循环贷款						10.35%			SOFR（M）			5.50%						12/2023						12/2029									0.6						0.5						0.6			(2)(11)
												第一优先权高级担保贷款						10.35%			SOFR（M）			5.50%						12/2023						12/2029									134.2						134.2						134.2			(2)(11)
												优先股						13.50%PIK												02/2020												30									53.7						54.5			(2)
																																																			188.4						189.3
EP买方有限责任公司和TPG VIII EP Co-Invest II，LP						娱乐劳动力和制作管理解决方案的提供商						第一优先权高级担保贷款						9.37%			SOFR（Q）			4.50%						06/2023						11/2028									8.4						8.1						8.4			(2)(11)
												第二留置权优先担保贷款						11.37%			SOFR（Q）			6.50%						11/2021						11/2029									177.9						177.9						177.9			(2)(11)
												伙伴关系单位																		05/2019												5,034,483									3.1						12.2			(2)(6)
																																																			189.1						198.5
Episerver Inc.和Episerver Sweden Holdings Ab（15）						网络内容管理和数字商务解决方案提供商						第一优先权高级担保贷款						10.00%			SOFR（Q）			5.25%						10/2018						04/2026									0.1						0.1						0.1			(2)(6)(11)
												第一优先权高级担保贷款						8.85%			Euribor（Q）			5.50%						03/2019						04/2026									5.7						5.8						5.7			(2)(6)
												第一优先权高级担保贷款						10.00%			SOFR（Q）			5.25%						12/2021						04/2026									0.1						0.1						0.1			(2)(6)(11)
																																																			6.0						5.9

见合并财务报表附注

9

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（百万美元）

(未经审计)

公司（1）						业务描述						投资						优惠券(3)			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			本金						摊销成本						公允价值						净资产的百分比
eResearch Technology，Inc.和Astorg VII共同投资ERt（15）						关键任务、软件支持的临床研究解决方案的提供商						第一留置权优先担保循环贷款						11.25%			基本利率（Q）			3.25%						01/2024						08/2026									0.7						0.7						0.7			(2)(11)
												第一优先权高级担保贷款						8.85%			SOFR（M）			4.00%						11/2023						02/2027									1.0						1.0						1.0			(2)(11)(18)
												第二留置权优先担保贷款						12.95%			SOFR（M）			8.00%						02/2020						02/2028									27.2						26.5						27.2			(2)
												第二留置权优先担保贷款						12.95%			SOFR（M）			8.00%						04/2021						02/2028									30.6						30.0						30.6			(2)
												有限合伙权益																		01/2020												4,440,040									4.5						7.3			(2)(6)
																																																			62.7						66.8
ESHA Research，LLC和RMCB VI CIV XLVIII，LP（15）						营养信息和软件即服务（SaaS）合规解决方案提供商						第一留置权优先担保循环贷款						10.90%			SOFR（Q）			5.50%						06/2022						06/2028									0.9						0.9						0.9			(2)(11)
												第一优先权高级担保贷款						10.90%			SOFR（Q）			5.50%						06/2022						06/2028									6.7						6.7						6.7			(2)(11)
												有限合伙权益																		06/2022												6,246,801									6.2						8.3
																																																			13.8						15.9
Extrahop Networks，Inc.（15）						用于应用程序和基础设施监控的实时有线数据分析解决方案提供商						第一优先权高级担保贷款						12.45%			SOFR（M）			7.50%						07/2021						07/2027									25.1						25.1						25.1			(2)(11)
												第一优先权高级担保贷款						12.45%			SOFR（M）			7.50%						03/2023						07/2027									3.9						3.9						3.9			(2)(11)
																																																			29.0						29.0
Finastra美国公司，DH Corporation/Societe DH和Finastra Europe S.A RL（15）						银行业后台软件服务提供商						第一优先权高级担保贷款						12.18%			SOFR（Q）			7.25%						09/2023						09/2029									189.5						186.5						189.5			(2)(6)(11)
Forescout Technology，Inc.（15）						网络访问控制解决方案提供商						第一优先权高级担保贷款						10.07%			SOFR（Q）			5.00%						05/2024						05/2031									13.6						13.6						13.5			(2)(11)
GI Ranger中级LLC（15）						向医疗保健提供者提供支付处理服务和软件						第一优先权高级担保贷款						10.75%			SOFR（Q）			6.00%						10/2021						10/2028									10.0						10.0						9.8			(2)(11)
												第一优先权高级担保贷款						10.75%			SOFR（Q）			6.00%						03/2022						10/2028									3.1						3.1						3.0			(2)(11)
																																																			13.1						12.8
Graphpad Software，LLC、Insightful Science Intermediate I，LLC和Insightful Science Holdings，LLC（15）						面向科学研究应用的数据分析、统计和可视化软件解决方案提供商						第一优先权高级担保贷款						9.71%			SOFR（Q）			4.75%						06/2024						06/2031									71.7						71.7						71.3			(2)(11)
												高级次级贷款						10.50%PIK												04/2021						04/2032									53.6						53.6						52.0			(2)
												首选单位						14.00%PIK												04/2021												1,828,645									74.8						74.8
																																																			200.1						198.1
Guidepoint Security Holdings，LLC（15）						网络安全解决方案提供商						第一优先权高级担保贷款						10.85%			SOFR（M）			6.00%						10/2023						10/2029									6.7						6.7						6.7			(2)(11)
重型建筑系统专家有限责任公司（15）						建筑软件提供商						第一优先权高级担保贷款						10.10%			SOFR（Q）			5.50%						11/2021						11/2028									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						9.85%			SOFR（Q）			5.25%						03/2024						11/2028									13.9						13.9						13.9			(2)(11)
																																																			14.0						14.0

请参阅合并财务报表随附的注释

10

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
帮助/系统控股公司（15）						IT运营管理和网络安全软体提供商						第一优先权高级担保循环贷款						9.27%			SOFR（M）			4.00%						11/2019						08/2026									6.7						6.7						6.3			(2)
												第一优先权高级担保循环贷款						11.00%			基本利率（Q）			3.00%						11/2019						08/2026									4.5						4.5						4.3			(2)(11)
																																																			11.2						10.6
哈士奇父母公司，GI Insurity母公司LLC和GI Insurity TopCo LP（15）						保险软体提供商						第一优先权高级担保循环贷款						10.45%			SOFR（M）			5.50%						11/2021						11/2027									6.3						6.3						6.1			(2)(11)
												第一优先权高级担保贷款						10.45%			SOFR（M）			5.50%						11/2021						11/2028									59.3						59.3						58.1			(2)(11)
												高级次级贷款						10.00% PIK												11/2021						11/2031									118.3						118.3						105.3			(2)
												公司单位																		11/2021												4,246,457									8.8						6.7			(2)
																																																			192.7						176.2
海兰德软体公司（15）						企业内容管理软体提供商						第一优先权高级担保循环贷款																		09/2023						09/2029									—						—						—			(2)(13)
												第一优先权高级担保贷款						10.85%			SOFR（M）			6.00%						09/2023						09/2030									96.8						95.6						96.8			(2)(11)
																																																			95.6						96.8
Icefall Parent，Inc.（15）						客户参与软体和集成支付解决方案提供商						第一优先权高级担保贷款						11.35%			SOFR（M）			6.50%						01/2024						01/2030									16.7						16.7						16.7			(2)(11)
Inmar公司						为零售商、批发商和制造商提供技术驱动的解决方案提供商						第一优先权高级担保贷款						10.23%			SOFR（M）			5.50%						06/2023						05/2026									13.3						13.0						13.3			(2)(11)(18)
网际网路卡车停靠集团有限责任公司（15）						货运生命周期软体提供商						第一优先权高级担保贷款						10.25%			SOFR（Q）			5.50%						06/2024						04/2027									39.5						39.1						39.1			(2)(11)
MQN Holding Corp.（15）						扩展劳动力管理软体提供商						第一优先权高级担保循环贷款						10.31%			SOFR（Q）			5.25%						05/2022						05/2028									0.5						0.5						0.5			(2)(11)
												第一优先权高级担保贷款						10.31%			SOFR（Q）			5.25%						05/2022						05/2029									1.4						1.4						1.4			(2)(11)
																																																			1.9						1.9
IV Rollover Holdings，LLC						基于云的IT解决方案、基础设施和服务提供商						b类单位																		05/2017												170,490									—						—			(2)
												X类单位																		05/2017												5,000,000									1.9						2.1			(2)
																																																			1.9						2.1
Kaseya Inc.和Knockout Intermediate Holdings I Inc.（15）						为中小企业提供基于云的软体和技术解决方案的提供商						第一优先权高级担保循环贷款						10.10%			SOFR（Q）			5.50%						06/2022						06/2029									4.9						4.9						4.9			(2)(11)(14)
												第一优先权高级担保贷款						10.75%			SOFR（Q）			5.50%						06/2022						06/2029									173.2						173.0						173.2			(2)(11)
												优先股						16.01% PIK			SOFR（S）			10.75%						06/2022												38,798									49.8						49.8			(2)(11)
																																																			227.7						227.9
LeanTaIsa Holdings，Inc.（15）						SaaS工具提供商可优化医疗保健资产利用率						第一优先权高级担保贷款						12.10%			SOFR（Q）			7.50%						07/2022						07/2028									32.3						32.3						32.3			(2)(11)
												第一优先权高级担保贷款						13.92%			SOFR（Q）			9.25%						07/2022						07/2028									29.6						29.6						29.6			(2)(11)
																																																			61.9						61.9
Majesco和Magic Topco，LP（15）						保险软体提供商						第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						09/2020						09/2028									18.1						18.1						18.1			(2)(11)

请参阅合并财务报表随附的注释

11

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
												A类单位						9.00% PIK												09/2020												2,539									3.6						6.4			(2)
												b类单位																		09/2020												570,625									—						—			(2)
																																																			21.7						24.5
Mimecast Borrowerco，Inc.和镁公司- Invest SCSP						网络安全解决方案提供商						第一优先权高级担保贷款						9.85%			SOFR（M）			5.00%						05/2022						05/2029									93.7						93.7						93.7			(2)(6)(11)
												第一优先权高级担保贷款						9.95%			索尼娅（Q）			5.00%						05/2022						05/2029									37.9						34.9						37.9			(2)(6)(11)
												第一优先权高级担保贷款						9.85%			SOFR（M）			5.00%						03/2024						05/2029									5.2						5.2						5.2			(2)(6)(11)
												有限合伙权益																		05/2022												3,975									39.8						45.2			(2)(6)
																																																			173.6						182.0
Ministry Brands Holdings，LLC和HCP Mb Investments b，LP（15）						为信仰机构提供软体和支付服务						第一优先权高级担保贷款						10.45%			SOFR（M）			5.50%						12/2021						12/2028									39.1						39.1						38.3			(2)(11)
												有限合伙权益																		12/2021												9,574,000									9.6						6.8			(2)
																																																			48.7						45.1
Moonraker Acquisition Co LLC和Moonraker HoldCo LLC（15）						领先的娱乐行业故事和试镜技术解决方案提供商						第一优先权高级担保循环贷款						10.85%			SOFR（M）			6.00%						08/2022						08/2028									0.4						0.4						0.4			(2)(11)
												第一优先权高级担保贷款						10.85%			SOFR（M）			6.00%						08/2022						08/2028									24.7						24.7						24.7			(2)(11)
												A类单位						8.00% PIK												08/2022												45,320									5.3						3.5
																																																			30.4						28.6
MRI Software LLC（15）						房地产和投资管理软体提供商						第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						02/2020						02/2027									12.1						12.1						12.1			(2)(11)
												第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						08/2020						02/2027									24.0						24.0						24.0			(2)(11)
												第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						12/2023						02/2027									2.3						2.3						2.3			(2)(11)
																																																			38.4						38.4
Netsmart公司和Netsmart科技公司（15）						医疗保健软体和技术解决方案的开发商和运营商						第一优先权高级担保贷款						10.05% (3.00% PIK）			SOFR（M）			5.20%						08/2024						08/2031									140.0						140.0						138.6			(2)(11)
North Star Acquisitionco，LLC和Toucan Bidco Limited（15）						k-12年级读写能力解决方案软体提供商						第一优先权高级担保循环贷款						9.95%			索尼娅（Q）			5.00%						04/2024						05/2029									0.4						0.4						0.4			(2)(6)
												第一优先权高级担保贷款						9.75%			NIBOR（Q）			5.00%						04/2024						05/2029									6.0						5.8						6.0			(2)(6)
												第一优先权高级担保贷款						9.95%			索尼娅（Q）			5.00%						04/2024						05/2029									3.9						3.6						3.8			(2)(6)(11)
												第一优先权高级担保贷款						9.60%			SOFR（Q）			5.00%						04/2024						05/2029									25.6						25.6						25.5			(2)(6)(11)
																																																			35.4						35.7
OpenMarket Inc.						基于云的移动参与平台提供商						第一优先权高级担保贷款						11.12%			SOFR（Q）			6.25%						09/2021						09/2026									16.1						16.1						16.1			(2)(6)(11)
PDDS HoldCo，Inc.（15）						基于云的牙科诊所管理软体提供商						第一优先权高级担保循环贷款						12.25%			SOFR（Q）			7.50%						07/2022						07/2028									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保贷款						12.40%			SOFR（Q）			7.50%						07/2022						07/2028									12.1						12.1						12.1			(2)(11)
																																																			12.3						12.3

请参阅合并财务报表随附的注释

12

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
PDL TA Holdings，Inc.，桃树家长公司和Insight PDL Holdings，LLC（15）						便利零售和石油批发市场企业管理软体提供商						第一优先权高级担保贷款						10.46%			SOFR（Q）			5.25%						01/2024						02/2031									51.3						51.3						51.3			(2)(11)
												A系列优先股						13.25% PIK												03/2019												13,656									28.1						28.4			(2)
												A类单位																		03/2019												2,062,493									2.1						4.4			(2)
																																																			81.5						84.1
Petvizer Holdings，LLC（15）						以兽医为中心的SaaS解决方案提供商						第一优先权高级担保贷款						10.78%			SOFR（S）			5.50%						06/2022						11/2029									5.9						5.9						5.9			(2)(11)
												第一优先权高级担保贷款						11.53% PIK			SOFR（S）			6.25%						06/2022						11/2029									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.78%			SOFR（S）			5.50%						11/2023						11/2029									3.7						3.7						3.7			(2)(11)
																																																			9.7						9.7
Ping Identity Holding Corp.（15）						身份和访问管理解决方案提供商						第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						10/2022						10/2029									11.3						11.3						11.3			(2)(11)
Pluralsight，LLC和Pluralsight Holdings，LLC和Paradigmatic Holdco LLC（4）（15）						在线教育学习平台						第一优先权高级担保贷款						9.62% (1.50% PIK）			SOFR（Q）			4.50%						08/2024						08/2029									21.4						21.4						21.4			(2)(11)
												第一优先权高级担保贷款						12.62% (7.50% PIK）			SOFR（Q）			7.50%						08/2024						08/2029									19.0						19.0						19.0			(2)(11)
												普通单位																		08/2024												6,356,812									14.3						14.3			(2)
																																																			54.7						54.7
波普利克斯公司						为向公共部门销售产品的公司提供商业情报和市场分析平台						购买C系列优先股股份的令状																		06/2015						06/2025						2,402,991									0.1						—
PracticeTek买方，LLC、PracticeTek MidCo，LLC和GSV PracticeTek Holdings，LLC（15）						医生软体提供商						第一优先权高级担保循环贷款						9.35%			SOFR（M）			4.50%						08/2023						08/2029									0.5						0.5						0.5			(2)(11)
												第一优先权高级担保贷款						10.60%			SOFR（M）			5.75%						08/2023						08/2029									36.7						36.7						36.7			(2)(11)
												高级次级贷款						14.00% PIK												08/2023						08/2030									45.1						45.1						45.1			(2)
												A类单位						8.00% PIK												03/2021												33,220,282									25.4						37.4			(2)
																																																			107.7						119.7
ProfitSolv买方公司和PS Co-Invest，LP（15）						为律师事务所提供执业管理软体						第一优先权高级担保循环贷款						10.35%			SOFR（M）			5.50%						03/2021						03/2027									0.7						0.7						0.7			(2)(11)
												第一优先权高级担保贷款						10.35%			SOFR（M）			5.50%						03/2021						03/2027									5.4						5.4						5.4			(2)(11)
												第一优先权高级担保贷款						10.35%			SOFR（M）			5.50%						06/2024						03/2027									0.1						0.1						0.1			(2)(11)
												有限合伙单位																		03/2021												1,624,000									0.9						2.6			(2)
																																																			7.1						8.8
Project Alpha中间控股公司和Qlik Parent，Inc.						用于数据分析的数据可视化软体提供商						A类普通股																		08/2016												7,445									7.4						19.0			(2)
												b类普通股																		08/2016												1,841,609									0.1						0.2			(2)
																																																			7.5						19.2

请参阅合并财务报表随附的注释

13

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
Project Essential Bidco，Inc.和Project Essential Super Parent，Inc.（15）						Saas为公用事业行业提供自动化机组调度和调度软体						第一优先权高级担保贷款						11.46% (3.25% PIK）			SOFR（Q）			6.25%						04/2021						04/2028									37.5						37.5						34.5			(2)(11)
												优先股						14.24% PIK			SOFR（Q）			9.50%						04/2021												26,436									41.3						38.0			(2)(11)
																																																			78.8						72.5
Project Potter买家有限责任公司和Project Potter母公司LP（15）						预拌混凝土行业的软体解决方案提供商						第一优先权高级担保贷款						10.60%			SOFR（Q）			6.00%						04/2020						04/2027									42.9						42.9						42.9			(2)(11)
												第一优先权高级担保贷款						10.60%			SOFR（Q）			6.00%						10/2020						04/2027									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.60%			SOFR（Q）			6.00%						11/2020						04/2027									11.8						11.8						11.8			(2)(11)
												第一优先权高级担保贷款						10.60%			SOFR（Q）			6.00%						07/2024						04/2027									17.9						17.9						17.9			(2)(11)
												b类单位																		04/2020												588,636									—						3.1			(2)
																																																			72.7						75.8
Proofpoint公司（15）						网络安全解决方案提供商						第一优先权高级担保贷款						7.85%			SOFR（M）			3.00%						06/2021						08/2028									1.0						0.9						1.0			(2)(11)(18)
QF Holdings，Inc（15）						基于SaaS的电子健康记录软体提供商						第一优先权高级担保循环贷款						10.22%			SOFR（Q）			5.00%						09/2019						12/2027									0.6						0.6						0.6			(2)(11)
												第一优先权高级担保贷款						10.35%			SOFR（Q）			5.00%						09/2019						12/2027									6.8						6.8						6.8			(2)(11)
												第一优先权高级担保贷款						10.30%			SOFR（Q）			5.00%						08/2020						12/2027									4.9						4.9						4.9			(2)(11)
												第一优先权高级担保贷款						10.35%			SOFR（Q）			5.00%						12/2021						12/2027									8.1						8.1						8.1			(2)(11)
												第一优先权高级担保贷款						10.06%			SOFR（Q）			5.00%						12/2023						12/2027									5.1						5.1						5.1			(2)(11)
																																																			25.5						25.5
Raptor Technology，LLC、Sycamore Bidco LTD和Rocket Parent，LLC（15）						为k-12学校市场提供基于SaaS的安全软体						第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						10/2021						10/2028									8.4						8.4						8.4			(2)(11)
												第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						04/2023						10/2028									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						05/2024						10/2028									8.1						8.1						8.1			(2)(11)
												A类公用单位																		12/2018												2,880,582									3.5						7.0
																																																			20.1						23.6
RealPage，Inc						住宅房地产行业企业软体解决方案提供商						第二优先权优先担保贷款						11.46%			SOFR（M）			6.50%						04/2021						04/2029									84.1						83.3						80.5			(2)(11)(18)
摄政教育公司						旨在优化财务援助和入学流程的软体解决方案提供商						购买普通股股份的令状																		12/2016						12/2026						5,394,181									—						—
Relativity ODA LLC（15）						用于诉讼和调查的电子发现文档审查软体平台						第一优先权高级担保贷款						9.46%			SOFR（M）			4.50%						07/2024						05/2029									41.8						41.7						41.8			(2)(11)
Revalize公司（15）						提供配置、价格和报价功能的软体开发人员和运营商						第一优先权高级担保循环贷款						10.80%			SOFR（Q）			5.75%						05/2022						04/2027									0.5						0.5						0.5			(2)(11)
												第一优先权高级担保贷款						11.15%			SOFR（Q）			5.75%						05/2022						04/2027									0.7						0.7						0.6			(2)(11)
																																																			1.2						1.1

请参阅合并财务报表随附的注释

14

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
RMS HoldCo II，LLC和RMS Group Holdings，Inc.（15）						医疗保健行业收入周期管理解决方案、流程自动化、分析和集成的开发人员						第一优先权高级担保贷款						9.60%			SOFR（Q）			5.00%						12/2021						12/2028									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						9.25%			SOFR（S）			5.00%						08/2022						12/2028									0.2						0.2						0.2			(2)(11)
												A类普通股																		12/2021												566									5.5						4.6			(2)
																																																			5.8						4.9
蓝宝石软体买家公司（15）						应用安全测试解决方案提供商						第一优先权高级担保贷款						9.25%			SOFR（S）			5.00%						09/2024						09/2031									70.9						70.9						70.2			(2)(11)
Severin Acquisition，LLC（15）						为北美k-12教育市场提供学生信息系统软体解决方案的提供商						第一优先权高级担保贷款						9.59%			SOFR（S）			4.75%						09/2024						10/2031									227.4						227.4						225.1			(2)(11)
Smarsh Inc.和Skywalker TopCo，LLC（15）						基于SaaS的通信档案服务提供商						第一优先权高级担保贷款						10.35%			SOFR（Q）			5.75%						02/2022						02/2029									1.4						1.4						1.4			(2)(11)
												普通单位																		11/2020												1,742,623									6.3						11.1			(2)
																																																			7.7						12.5
SocialFlow公司						社交媒体优化平台提供商						购买C系列优先股股份的令状																		01/2016						01/2026						215,331									—						—
索菲亚，LP						为高等教育机构提供企业资源规划软体和服务						第二优先权优先担保贷款						12.95%			SOFR（M）			8.00%						10/2020						10/2028									66.1						66.1						66.1			(2)(11)
SoundCloud Limited						接收、发送和分发音乐的平台						普通股																		08/2017												73,422									0.4						0.7			(2)(6)
Spark买方公司（15）						医疗保险申请流程的软体平台						第一优先权高级担保贷款						10.10%			SOFR（Q）			5.50%						04/2024						04/2031									30.8						30.8						30.2			(2)(11)
精神RR控股公司和临冬城共同投资SCSP（15）						为反周期不良债务领域的客户提供数据、分析、新闻和工作流程工具						第一优先权高级担保贷款						9.70%			SOFR（Q）			5.00%						09/2022						09/2028									2.5						2.5						2.5			(2)(11)
												第一优先权高级担保贷款						10.41%			SOFR（Q）			5.00%						12/2023						09/2028									0.8						0.8						0.8			(2)(11)
												有限合伙权益																		09/2022												1,010									10.2						14.1			(2)
																																																			13.5						17.4
Storable，Inc和EQt IX联合投资（E）SCSP						面向自助仓储行业的支付管理系统解决方案和网络服务						第二优先权优先担保贷款						11.60%			SOFR（M）			6.75%						04/2021						04/2029									42.8						42.8						42.8			(2)(11)
												第二优先权优先担保贷款						11.60%			SOFR（M）			6.75%						03/2022						04/2029									10.3						10.3						10.3			(2)(11)
												有限合伙权益																		04/2021												614,950									6.4						10.9			(2)(6)
																																																			59.5						64.0
圣丹斯集团控股公司（15）						基于云的文档管理和协作解决方案提供商						第一优先权高级担保循环贷款						9.32%			SOFR（S）			4.75%						09/2024						07/2029									2.0						2.0						2.0			(2)(11)
												第一优先权高级担保贷款						9.32%			SOFR（S）			4.75%						09/2024						07/2029									26.4						26.3						26.4			(2)(11)
																																																			28.3						28.4

请参阅合并财务报表随附的注释

15

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
超人控股有限责任公司（15）						建筑行业的企业资源规划软体提供商						第一优先权高级担保贷款						9.56%			SOFR（Q）			4.50%						08/2024						08/2031									35.5						35.5						35.4			(2)(11)
Tamarack中级，LLC和Tamarack Parent，LLC（15）						环境、健康、安全和可持续发展软体提供商						第一优先权高级担保贷款						10.83%			SOFR（Q）			5.75%						03/2022						03/2028									34.5						34.5						34.5			(2)(11)
												第一优先权高级担保贷款						11.00%			SOFR（Q）			5.75%						10/2023						03/2028									10.9						10.9						10.9			(2)(11)
												第一优先权高级担保贷款						10.84%			SOFR（Q）			5.75%						06/2024						03/2028									5.8						5.8						5.8			(2)(11)
												A-2类单位																		03/2022												5,057									5.1						6.2
																																																			56.3						57.4
TCPHawker Intermediate LLC（15）						劳动力管理解决方案提供商						第一优先权高级担保贷款						10.25%			SOFR（Q）			5.50%						08/2019						08/2026									33.8						33.8						33.8			(2)(11)
												第一优先权高级担保贷款						10.25%			SOFR（Q）			5.50%						12/2020						08/2026									6.4						6.4						6.4			(2)(11)
												第一优先权高级担保贷款						10.25%			SOFR（Q）			5.50%						10/2021						08/2026									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.75%			SOFR（Q）			6.00%						10/2023						08/2026									10.4						10.4						10.4			(2)(11)
																																																			50.7						50.7
运输技术有限责任公司（15）						交通管理软体和 专业远程信息处理解决方案						第一优先权高级担保贷款						9.71%			SOFR（M）			4.75%						08/2024						08/2031									10.8						10.8						10.7			(2)(11)
UKG Inc.和H & F Unite Partners，LP						面向企业的基于云的HCm解决方案提供商						有限合伙权益																		05/2019												12,583,556									12.6						27.4			(2)(6)
用户Zoom技术公司						用户体验研究自动化软体						第一优先权高级担保贷款						12.75%			SOFR（S）			7.50%						02/2023						04/2029									5.8						5.7						5.8			(2)(11)
Victors买方有限责任公司和WP Victors Co-Investment，LP（15）						硬体和数据中心基础设施的第三方维护提供商						第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						08/2024						08/2031									70.1						70.1						69.4			(2)(11)
												伙伴关系单位																		08/2024												2,482,000									2.5						2.5			(2)
																																																			72.6						71.9
WebPT，Inc.和WPT中间控股公司（15）						电子病历软体提供商						第一优先权高级担保循环贷款						11.92%			SOFR（Q）			6.75%						08/2019						01/2028									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保贷款						11.91%			SOFR（Q）			6.75%						08/2019						01/2028									0.1						0.1						0.1			(2)(11)
												高级次级贷款						13.25% PIK												05/2024						05/2029									63.2						63.2						61.6			(2)
																																																			63.5						61.9
惠灵顿比多公司和Wellington TopCo LP（15）						为地方政府提供企业资源规划和支付软体						第一优先权高级担保循环贷款						9.60%			SOFR（Q）			5.00%						06/2024						06/2030									0.6						0.6						0.6			(2)(11)
												第一优先权高级担保贷款						9.60%			SOFR（Q）			5.00%						06/2024						06/2030									61.1						61.1						60.5			(2)(11)
												A-2级首选单位						8.00% PIK												06/2024												2,323,000									2.4						2.6			(2)
																																																			64.1						63.7
Wellness Acquisition Co，Inc.（15）						为天然、有机和特色产品行业的制造商和零售商提供零售消费者洞察和分析的提供商						第一优先权高级担保贷款						10.66%			SOFR（Q）			5.50%						01/2021						01/2027									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.66%			SOFR（Q）			5.50%						02/2022						01/2027									1.7						1.7						1.7			(2)(11)
																																																			1.8						1.8

请参阅合并财务报表随附的注释

16

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
WorkWave中级II，LLC（15）						基于云的现场服务和车队管理解决方案提供商						第一优先权高级担保贷款						11.70% (3.50% PIK）			SOFR（Q）			7.00%						06/2021						06/2027									52.5						52.5						52.5			(2)(11)
												第一优先权高级担保贷款						11.70% (3.50% PIK）			SOFR（Q）			7.00%						02/2022						06/2027									19.1						19.1						19.1			(2)(11)
												第一优先权高级担保贷款						11.70% (3.50% PIK）			SOFR（Q）			7.00%						03/2024						06/2027									6.4						6.4						6.4			(2)(11)
																																																			78.0						78.0
ZenDesk，Inc.，Zoro TopCo，Inc.和Zoro TopCo，LP（15）						基于云的客户支持解决方案提供商						第一优先权高级担保贷款						9.69%			SOFR（S）			5.00%						12/2022						11/2028									43.5						43.5						43.5			(2)(11)
												A系列优先股						12.50% PIK												11/2022												27,226									34.2						34.2			(2)
												A类公用单位																		11/2022												269,100									2.7						2.5			(2)
																																																			80.4						80.2
ZocDoc公司						连接患者和提供者的医疗保健市场						第一优先权高级担保贷款						11.63%			SOFR（Q）			6.50%						05/2024						05/2029									74.1						71.6						73.1			(2)(11)
																																																			6,579.1						6,572.0						51.46%
保健服务
Absolute Dental Group LLC和Absolute Dental Equity，LLC（5）（15）						牙科服务提供商						第一优先权高级担保循环贷款						13.00% PIK			基本利率（Q）			5.00%						06/2021						06/2026									0.3						0.3						0.3			(2)(11)
												第一优先权高级担保循环贷款						9.87% PIK			SOFR（Q）			5.00%						06/2021						06/2026									11.1						11.0						11.1			(2)(11)
												第一优先权高级担保贷款						9.87% PIK			SOFR（Q）			5.00%						09/2024						06/2026									40.3						40.3						40.3			(2)(11)
												甲级首选单位																		09/2024												20,000,000									16.2						16.2			(2)
												A类公用单位																		06/2021												6,553,553									4.7						—			(2)
																																																			72.5						67.9
ADG，LLC、GEDC Equity，LLC和RC IV GEDC Investor LLC（5）（15）						牙科服务提供商						第一优先权高级担保贷款						11.85% (3.00% PIK）			SOFR（Q）			7.00%						09/2016						09/2026									15.4						15.4						15.4			(2)(11)
												第二优先权优先担保贷款						10.00% PIK												06/2023						03/2027									38.7						38.7						38.7			(2)
												会员单位																		09/2016												3,000,000									—						—			(2)
												A类公用单位																		06/2023												7,703,692									29.4						2.4			(2)
																																																			83.5						56.5
Advarra Holdings，Inc（15）						临床试验中央机构审查委员会的提供者						第一优先权高级担保贷款						9.35%			SOFR（M）			4.50%						08/2022						09/2031									4.0						4.0						4.0			(2)(11)
AHR Funding Holdings，Inc.和AHR母公司控股有限公司						为医院提供收入周期管理解决方案						A系列优先股						12.75% PIK												07/2022						07/2028						35,000									46.2						46.2			(2)
												首选单位						8.00% PIK												07/2022												9,900									11.8						12.0			(2)
												b类公用单位																		07/2022												100,000									0.1						0.1			(2)
																																																			58.1						58.3
Amerivet Partners Management，Inc.和AVE Holdings LP（15）						兽医实践管理平台						后偿贷款						16.50% PIK												11/2023						12/2030									63.5						62.3						63.5			(2)

请参阅合并财务报表随附的注释

17

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
												A类单位																		03/2024												2,922									2.9						1.1			(2)
												C类单位																		11/2023												7,144									1.4						0.6			(2)
																																																			66.6						65.2
Artivion公司（15）						医疗器械和植入性人体组织的制造商、加工商和分销商						第一优先权高级担保循环贷款						9.28%			SOFR（Q）			4.00%						01/2024						01/2030									0.9						0.9						0.9			(2)(6)(11)
												第一优先权高级担保贷款						11.78%			SOFR（Q）			6.50%						01/2024						01/2030									11.5						11.5						11.5			(2)(6)(11)
																																																			12.4						12.4
AthenaHealth Group Inc.米勒娃控股公司和BCPD共同投资（A），LP（15）（16）						为医生诊所和急症护理医院提供收入周期管理						第一优先权高级担保贷款						8.10%			SOFR（M）			3.25%						07/2023						02/2029									0.1						0.1						0.1			(2)(11)(18)
												A系列优先股						10.75% PIK												02/2022												198,505									263.3						252.8			(2)
												A类单位																		02/2022												10,487,951									10.5						12.5			(2)
																																																			273.9						265.4
Avalign Holdings，Inc和Avalign Technology，Inc.（15）						骨科OEM行业医疗器械组件的全方位服务合同制造商						第一优先权高级担保贷款						12.31% (3.63% PIK）			SOFR（Q）			7.25%						03/2024						12/2028									38.6						38.6						37.1			(2)(11)
BAARt Programs，Inc.，MedMark Services，Inc.和加拿大成瘾治疗中心LP						阿片类药物治疗提供者						第一优先权高级担保贷款						9.72%			SOFR（Q）			5.00%						05/2022						06/2027									5.9						5.9						5.6			(2)(11)
Bambino Group Holdings，LLC						牙科服务提供商						甲级首选单位																		12/2016												1,000,000									1.0						0.8			(2)
自闭症及相关疾病中心有限责任公司（15）						专门从事应用行为分析疗法的自闭症治疗和服务提供商						第一优先权高级担保循环贷款																		11/2018						11/2023									6.8						—						—			(2)(10)(14)
												第一优先权高级担保循环贷款																		01/2022						11/2023									1.0						—						—			(2)(10)(14)
												第一优先权高级担保贷款																		06/2023						08/2023									1.4						—						—			(2)(10)
																																																			—						—
色彩中间体有限责任公司						预付费诚信软体解决方案提供商						第一优先权高级担保贷款						9.45%			SOFR（Q）			4.75%						10/2022						10/2029									20.0						20.0						20.0			(2)(11)
Comprehensive EyeCare Partners，LLC（15）						视力护理实践管理公司						第一优先权高级担保循环贷款						11.37% (2.50% PIK）			SOFR（Q）			6.50%						02/2018						02/2025									2.0						2.0						1.9			(2)(11)
												第一优先权高级担保贷款						11.36% (2.50% PIK）			SOFR（Q）			6.50%						02/2018						02/2025									0.3						0.3						0.3			(2)(11)
																																																			2.3						2.2
康威健康解决方案公司						医疗保健劳动力管理软体提供商						第一优先权高级担保贷款						9.95% (1.00% PIK）			SOFR（Q）			5.25%						09/2019						07/2029									1.8						1.8						1.5			(2)(6)(11)
												第一优先权高级担保贷款						9.95% (1.00% PIK）			SOFR（Q）			5.25%						02/2022						07/2029									0.1						0.1						0.1			(2)(6)(11)
												第一优先权高级担保贷款						9.95% (1.00% PIK）			SOFR（Q）			5.25%						10/2022						06/2029									0.1						0.1						0.1			(2)(6)(11)
																																																			2.0						1.7
Crown Ct Parent Inc.，Crown Ct HoldCo Inc.和Crown Ct Management LLC（15）						治疗位置性斜头畸形的医疗设备和服务提供商						第一优先权高级担保贷款						10.25%			SOFR（Q）			5.50%						03/2022						03/2029									24.1						24.1						24.1			(2)(11)
												A类股																		03/2022												192									1.9						2.2			(2)

请参阅合并财务报表随附的注释

18

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
												普通单位																		03/2022												31									0.3						0.4			(2)
																																																			26.3						26.7
Holdco，Inc. CVP和OMERS野猫投资控股有限责任公司（15）						兽医医院运营商						第一优先权高级担保贷款						9.85%			SOFR（M）			5.00%						06/2024						06/2031									159.2						159.2						157.6			(2)(11)
												甲级首选单位						15.00% PIK												08/2023												3,678									2.4						1.9			(2)
												普通股																		10/2019												41,443									14.5						21.8			(2)
																																																			176.1						181.3
Empower Payments Investor，LLC（15）						金融沟通和支付解决方案提供商						第一优先权高级担保贷款						9.60%			SOFR（M）			4.75%						03/2024						03/2031									36.0						35.3						36.0			(2)(11)
Evolent Health LLC和Evolent Health，Inc.						专注于基于价值的护理服务和支付解决方案的医疗技术公司						A系列优先股						10.74%			SOFR（Q）			6.00%						01/2023						01/2029						3,834									3.8						4.4			(2)(6)(11)
GHX Ultimate Parent Corporation、Commerce Parent，Inc.和Commerce Topco，LLC						医疗保健行业按需供应链自动化解决方案提供商						第二优先权优先担保贷款						11.70%			SOFR（M）			6.75%						05/2021						05/2029									114.0						114.0						114.0			(2)(11)
												A类单位																		06/2017												15,706,534									17.4						42.8			(2)
																																																			131.4						156.8
全球医疗响应公司和GMS买家公司						紧急空中医疗服务提供商						第一优先权高级担保贷款						10.46% (1.25% PIK）			SOFR（M）			5.50%						06/2022						10/2028									41.3						39.2						41.0			(2)(11)(18)
												b系列优先股						15.00% PIK												05/2024												126,377									133.5						132.1			(2)
												购买普通股单位的许可证																		03/2018						03/2028						115,733									0.9						2.6			(2)
												购买普通股单位的许可证																		12/2021						12/2031						1,927									0.1						—			(2)
												购买普通股股份的凭证																		05/2024						05/2031						3,116,642									—						—			(2)
																																																			173.7						175.7
Hanger公司（15）						矫形和假肢设备及服务提供商						第一优先权高级担保循环贷款						9.17%			SOFR（M）			4.25%						10/2022						10/2027									6.1						6.1						6.1			(2)(11)(14)
												第一优先权高级担保贷款						11.17%			SOFR（M）			6.25%						10/2022						10/2028									53.4						53.4						54.0			(2)(11)
												第一优先权高级担保贷款						11.17%			SOFR（M）			6.25%						07/2023						10/2028									25.3						25.3						25.5			(2)(11)
												第二优先权优先担保贷款						14.67%			SOFR（M）			9.75%						10/2022						10/2029									110.6						110.6						111.7			(2)(11)
												第二优先权优先担保贷款						14.67%			SOFR（M）			9.75%						07/2023						10/2029									15.4						15.4						15.6			(2)(11)
																																																			210.8						212.9
HealthEdge软体公司（15）						为医疗保健行业提供财务、行政和临床软体平台的提供商						第一优先权高级担保贷款						9.85%			SOFR（M）			4.75%						07/2024						07/2031									18.4						18.4						18.3			(2)(11)
荣誉科技公司						护理和家庭护理提供者						购买D-2系列优先股股份的授权书																		08/2021						08/2031						133,333									0.1						—			(2)
Huedy Group Acquisition LLC（15）						牙科手术设备和无菌器械制造商						第一优先权高级担保贷款						10.56%			SOFR（Q）			5.50%						05/2024						05/2031									63.2						63.2						62.0			(2)(11)
KBHS Acquisition，LLC（d/b/a Alita Care，LLC）（15）						行为健康服务提供者						第一优先权高级担保循环贷款						11.09%			SOFR（Q）			6.50%						03/2017						03/2027									2.0						2.0						1.6			(2)(11)

请参阅合并财务报表随附的注释

19

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ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
												第一优先权高级担保循环贷款						13.50%			基本利率（Q）			5.50%						03/2017						03/2027									0.4						0.4						0.3			(2)(11)
																																																			2.4						1.9
Lifescan全球公司						家庭和医院使用的血糖监测系统提供商						第一优先权高级担保贷款																		05/2022						12/2026									11.7						10.1						4.7			(2)(10)(18)
												第二优先权优先担保贷款																		05/2022						03/2027									0.2						0.2						—			(2)(10)
																																																			10.3						4.7
Napa Management Services Corporation和ISP NAPA Holdings，LLC						麻醉管理服务提供商						首选单位						15.00% PIK												06/2020												1,842									0.2						0.2			(2)
												高级优先单位						8.00% PIK												06/2020												5,320									0.4						0.4			(2)
												A类单位																		04/2016												25,277									2.5						3.0			(2)
																																																			3.1						3.6
下一个Holdco，LLC（15）						电子病历和执业管理软体提供商						第一优先权高级担保贷款						11.06%			SOFR（Q）			6.00%						11/2023						11/2030									6.5						6.5						6.5			(2)(11)
NNN Holdings III Corp.和NNN Holdings LP（15）						为行动不便患者提供复杂康复技术解决方案的提供商						第一优先权高级担保贷款						9.35%			SOFR（M）			4.50%						07/2024						07/2031									247.6						247.6						245.1			(2)(11)
												伙伴关系单位																		11/2018												30,000									3.0						8.4			(2)
																																																			250.6						253.5
诺米健康公司						医疗保健行业软体支付服务提供商						第一优先权高级担保贷款						13.57%			SOFR（Q）			8.25%						07/2023						07/2028									11.4						11.4						11.3			(2)(11)
												第一优先权高级担保贷款						13.58%			SOFR（Q）			8.25%						06/2024						07/2028									6.8						6.8						6.8			(2)(11)
												购买b系列优先股股份的令状																		07/2023						07/2033						9,941									—						—			(2)
												购买A类普通股单位的授权书																		06/2024						06/2034						22,211									—						0.1			(2)
																																																			18.2						18.2
NSPC中间公司和NSPC Holdings，LLC						急性和慢性疼痛治疗提供者						普通单位																		02/2023												1,182									—						—			(2)
奥林匹亚收购公司，奥林匹亚托普公司，LP，和Asclepius Holdings LLC（5）（15）						行为健康和特殊教育平台提供商						第一优先权高级担保贷款																		09/2019						02/2027									62.7						49.3						30.7			(2)(10)
												第一优先权高级担保贷款																		02/2022						02/2027									12.8						10.2						6.3			(2)(10)
												第一优先权高级担保贷款						14.56% PIK			SOFR（Q）			9.50%						01/2023						02/2027									3.5						3.5						3.5			(2)(11)
												首选单位																		07/2021						04/2024						417,189									—						—			(2)
												优先股																		02/2022												7,983									3.1						—			(2)
												A类公用单位																		09/2019												9,549,000									9.5						—			(2)
												普通单位																		02/2022												7,584									—						—			(2)
																																																			75.6						40.5
OMH-HealthEdge Holdings，LLC（15）						医疗保健行业的收入周期管理提供商						第一优先权高级担保贷款						10.25%			SOFR（S）			6.00%						10/2023						10/2029									97.1						97.1						97.1			(2)(11)

请参阅合并财务报表随附的注释

20

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ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
Paragon 28，Inc和Paragon先进技术公司（15）						医疗器械公司						第一优先权高级担保循环贷款						9.30%			SOFR（Q）			4.00%						11/2023						11/2028									0.1						0.1						0.1			(2)(6)(11)
												第一优先权高级担保贷款						12.08%			SOFR（Q）			6.75%						11/2023						11/2028									24.0						24.0						23.5			(2)(6)(11)
																																																			24.1						23.6
Pathway Vet Alliance LLC和Jedi Group Holdings LLC（15）						兽医医院运营商						第一优先权高级担保循环贷款																		03/2020						03/2025									—						—						—			(2)(13)
												第二优先权优先担保贷款						12.71%			SOFR（M）			7.75%						03/2020						03/2028									76.3						76.3						60.3			(2)(11)
												R类公用单位																		03/2020												6,004,768									6.0						0.5			(2)
																																																			82.3						60.8
PetVet Care Centers，LLC（15）						兽医医院运营商						第一优先权高级担保贷款						10.85%			SOFR（M）			6.00%						11/2023						11/2030									131.8						131.8						123.9			(2)(11)
Prestival Health Holding Corp.和OMERS Bluejay Investment Holdings LP（15）						雇主赞助的现场健康诊所和药房的提供商						第一优先权高级担保循环贷款																		02/2024						03/2030									—						—						—			(2)(13)
												第一优先权高级担保贷款						10.76%			SOFR（Q）			5.50%						02/2024						03/2031									54.3						54.3						54.3			(2)(11)
												A类单位																		07/2018												9,775									9.8						17.6			(2)
																																																			64.1						71.9
Ruby Project Ultimate Parent Corp.						护理协调和过渡管理软体解决方案提供商						第二优先权优先担保贷款						11.46%			SOFR（M）			6.50%						03/2021						03/2029									193.1						193.1						193.1			(2)(11)
RTI外科公司和先锋外科技术公司（15）						生物、金属和合成植入物/设备制造商						第一优先权高级担保循环贷款						11.70%			SOFR（M）			6.75%						07/2020						07/2026									8.1						8.1						8.1			(2)(11)
												第一优先权高级担保贷款						12.09%			SOFR（S）			6.75%						07/2020						07/2026									22.1						22.1						22.1			(2)(11)
																																																			30.2						30.2
SiroMed医师服务公司和SiroMed Equity Holdings，LLC（15）						外包麻醉提供商						第一优先权高级担保贷款						10.00%			SOFR（Q）			5.25%						03/2018						03/2025									7.0						7.0						7.0			(2)(11)
												普通单位																		03/2018												684,854									4.8						1.8			(2)
																																																			11.8						8.8
SM Wellness Holdings，Inc.和SmHoldco，LLC（15）						乳腺癌筛查提供者						D系列单位						8.00% PIK												03/2023												1,127									1.2						1.7			(2)
												A系列单位																		08/2018												8,041									8.0						11.1			(2)
												B系列单位																		08/2018												916,795									—						—			(2)
																																																			9.2						12.8
SOC Telemed公司和CSC Spark Holdings，LP						急症护理远程医疗提供商						第一优先权高级担保贷款						12.21%			SOFR（Q）			7.50%						08/2022						08/2027									106.5						103.8						99.1			(2)(11)
												A-2类单位																		08/2022												4,812									4.9						1.7			(2)
												购买普通股单位的许可证																		08/2022						08/2029						6,118									4.7						3.4			(2)
																																																			113.4						104.2
Symplr Software Inc.和Symplr Software Intermediate Holdings，Inc.（15）						基于SaaS的医疗保健合规平台提供商						第一优先权高级担保循环贷款						9.01%			SOFR（M）			3.75%						12/2020						12/2027									0.4						0.4						0.4			(2)
												第一优先权高级担保贷款						9.85%			SOFR（Q）			4.50%						02/2022						12/2027									28.8						27.9						26.3			(2)(11)(18)
												第一优先权高级担保贷款						10.60%			SOFR（Q）			5.25%						04/2024						12/2027									17.4						17.4						16.1			(2)(11)
												第二优先权优先担保贷款						13.23%			SOFR（Q）			7.88%						12/2020						12/2028									76.2						76.2						70.1			(2)(11)

请参阅合并财务报表随附的注释

21

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ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
												第二优先权优先担保贷款						15.35% (4.00% PIK）			SOFR（Q）			10.00%						04/2024						12/2028									52.4						52.4						50.8			(2)(11)
												C-1系列优先股						11.00% PIK												06/2021												75,939									115.0						96.6			(2)
												C-2系列优先股						11.00% PIK												06/2021												40,115									57.6						48.4			(2)
												C-3系列优先股						11.00% PIK												10/2021												16,201									22.5						18.9			(2)
																																																			369.4						327.6
Synergy HomeCare Franchising，LLC和NP/Synergy Holdings，LLC（15）						私人付费家庭老年护理特许经营者						第一优先权高级担保贷款						10.50%			SOFR（Q）			5.75%						04/2018						04/2026									10.9						10.9						10.9			(2)(11)
												普通单位																		04/2018												550									0.5						1.4
																																																			11.4						12.3
Tempus AI，Inc.						技术支持的精准医疗解决方案提供商						第一优先权高级担保贷款						13.57% (3.25% PIK）			SOFR（Q）			8.25%						09/2022						09/2027									74.4						74.4						74.4			(2)(6)(11)
												第一优先权高级担保贷款						13.57% (3.25% PIK）			SOFR（Q）			8.25%						04/2023						09/2027									21.6						21.6						21.6			(2)(6)(11)
												第一优先权高级担保贷款						13.57% (3.25% PIK）			SOFR（Q）			8.25%						10/2023						09/2027									9.2						9.2						9.2			(2)(6)(11)
												普通单位																		10/2023												60,821									1.9						3.4			(2)(6)(18)
																																																			107.1						108.6
治疗品牌控股有限责任公司						心理和行为健康市场领域的软体解决方案提供商						第二优先权优先担保贷款						11.71%			SOFR（M）			6.75%						06/2021						05/2029									29.1						29.0						27.3			(2)(11)
试金石收购公司和Touchstone Holding，LP						牙科、医疗、化妆品和消费品/工业终端市场消费品制造商						甲级首选单位						8.00% PIK												11/2018												2,149									3.4						4.2			(2)
美国麻醉合作伙伴公司'美国麻醉合作伙伴控股公司						麻醉服务提供商						第二优先权优先担保贷款						12.82%			SOFR（M）			7.50%						10/2021						10/2029									147.8						147.8						144.8			(2)(11)
												普通股																		12/2021												3,671,429									12.9						8.6			(2)
																																																			160.7						153.4
United Digestive MSO Parent，LLC和Kamar Co-Invest Unblocked，LP（15）						消化内科医师组						第一优先权高级担保循环贷款						11.45%			SOFR（Q）			6.50%						03/2023						03/2029									0.4						0.4						0.4			(2)(11)
												第一优先权高级担保贷款						11.25%			SOFR（Q）			6.50%						03/2023						03/2029									10.3						10.3						10.3			(2)(11)
												A级权益																		03/2023												4,623									4.6						5.4
																																																			15.3						16.1
Viant Medical Holdings，Inc						医疗保健设备塑料和橡胶部件制造商						第一优先权高级担保贷款						8.71%			SOFR（M）			3.75%						05/2022						07/2025									0.4						0.4						0.4			(2)(18)
												第二优先权优先担保贷款						12.71%			SOFR（M）			7.75%						05/2022						07/2026									0.2						0.2						0.2			(2)(18)
																																																			0.6						0.6
SPP Intermediate Holdings，LLC和SPP Group Holdings，LP（15）						兽医医院运营商						第一优先权高级担保贷款						10.45%			SOFR（M）			5.50%						12/2021						12/2027									6.1						6.1						6.1			(2)(11)
												第一优先权高级担保贷款						10.49%			SOFR（M）			5.50%						08/2022						12/2027									9.1						9.1						9.1			(2)(11)
												第一优先权高级担保贷款						10.48%			SOFR（M）			5.50%						08/2023						12/2027									8.2						8.2						8.2			(2)(11)
												A-2类单位																		12/2021												7,524									7.5						10.3			(2)
												A-2类单位																		03/2023												45									0.1						0.1			(2)

请参阅合并财务报表随附的注释

22

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ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
																																																			31.0						33.8
Wellpath Holdings，Inc.（15）						惩教设施医疗保健运营商						第一优先权高级担保循环贷款																		10/2018						10/2024									11.4						11.4						7.1			(2)(10)(14)
												第一优先权高级担保贷款																		09/2018						10/2025									12.2						12.1						7.5			(2)(10)(18)
																																																			23.5						14.6
WSHP FC Acquisition LLC和WSHP FC Holdings LLC（15）						制药研究生物标本产品提供商						第一优先权高级担保循环贷款						12.25% (4.00% PIK）			SOFR（Q）			7.50%						03/2018						03/2028									15.3						15.3						14.2			(2)(11)(14)
												第一优先权高级担保贷款						12.25% (4.00% PIK）			SOFR（Q）			7.50%						03/2018						03/2028									32.9						32.9						30.6			(2)(11)
												第一优先权高级担保贷款						12.25% (4.00% PIK）			SOFR（Q）			7.50%						02/2019						03/2028									4.5						4.5						4.2			(2)(11)
												第一优先权高级担保贷款						12.25% (4.00% PIK）			SOFR（Q）			7.50%						08/2019						03/2028									13.8						13.8						12.8			(2)(11)
												第一优先权高级担保贷款						12.25% (4.00% PIK）			SOFR（Q）			7.50%						10/2019						03/2028									10.7						10.7						9.9			(2)(11)
												第一优先权高级担保贷款						12.25% (4.00% PIK）			SOFR（Q）			7.50%						10/2021						03/2028									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						12.25% (4.00% PIK）			SOFR（Q）			7.50%						11/2021						03/2028									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						12.25% (4.00% PIK）			SOFR（Q）			7.50%						07/2022						03/2028									30.9						30.9						28.8			(2)(11)
												普通单位																		07/2022												35,299									5.0						3.6
																																																			113.3						104.3
																																																			3,468.4						3,329.3						26.07%
商业和专业服务
Appoations Plus Technology LLC和Appoations Plus Technology Holdings LLC（15）						为航空业提供外包机组人员住宿和物流管理解决方案的提供商						A类公用单位																		05/2018												236,358									4.3						38.7
航空运营有限责任公司						为机场和海运码头提供除雪和融雪服务						第一优先权高级担保贷款						14.48% (2.25% PIK）			SOFR（Q）			9.00%						02/2020						02/2026									36.3						36.3						30.9			(2)(11)
												第一优先权高级担保贷款						13.74% (2.25% PIK）			SOFR（Q）			9.00%						12/2021						02/2026									1.2						1.2						1.0			(2)(11)
																																																			37.5						31.9
AI Fire Buyer，Inc.和AI Fire Parent LLC（15）						消防安全和生命安全服务提供商						第一优先权高级担保循环贷款						12.50%			基本利率（Q）			4.50%						03/2021						03/2027									1.1						1.1						1.1			(2)(11)(14)
												第一优先权高级担保贷款						10.46%			SOFR（S）			5.50%						03/2021						03/2027									3.9						3.9						3.9			(2)(11)
												第一优先权高级担保贷款						10.39%			SOFR（S）			5.50%						06/2022						03/2027									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.83%			SOFR（S）			5.75%						11/2023						03/2027									5.9						5.9						5.9			(2)(11)
												第二优先权优先担保贷款						15.25% PIK			SOFR（Q）			10.75%						03/2021						09/2027									60.4						60.4						60.4			(2)(11)
												第二优先权优先担保贷款						15.25% PIK			SOFR（Q）			10.75%						05/2022						09/2027									13.6						13.6						13.6			(2)(11)
												第二优先权优先担保贷款						15.25% PIK			SOFR（S）			10.75%						06/2022						09/2027									13.2						13.2						13.2			(2)(11)
												普通单位																		03/2021												46,990									4.7						14.6			(2)

请参阅合并财务报表随附的注释

23

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
																																																			102.9						112.8
奥尔丁格公司（15）						外包校准和维修服务提供商						第一优先权高级担保贷款						10.10%			SOFR（M）			5.25%						07/2024						07/2027									31.2						31.2						30.9			(2)(11)
AMCP Clean Acquisition Company，LLC						商业洗衣服务提供商						第一优先权高级担保贷款						10.06%			SOFR（Q）			5.00%						02/2024						06/2028									10.4						10.2						10.4			(2)(11)
应用技术服务有限责任公司（15）						为各种工业、商业和消费者客户提供工程、测试和检查服务						第一优先权高级担保循环贷款						12.75%			基本利率（Q）			4.75%						05/2022						12/2026									4.7						4.6						4.6			(2)(11)
												第一优先权高级担保贷款						10.50%			SOFR（Q）			5.75%						05/2022						12/2026									1.0						1.0						1.0			(2)(11)
												第一优先权高级担保贷款						10.75%			SOFR（Q）			6.00%						09/2023						12/2026									2.8						2.7						2.7			(2)(11)
												第一优先权高级担保贷款						10.50%			SOFR（Q）			5.75%						01/2024						12/2026									2.6						2.5						2.5			(2)(11)
																																																			10.8						10.8
Brightbright Holdings V，LLC、Amberstone Security Group Limited、Unify Aviation North America LLC和Unify Aviation Canada，Inc.（15）						外包保安服务、外包设施管理和外包航空服务提供商						第一优先权高级担保贷款						10.70%			SOFR（Q）			5.25%						04/2024						09/2028									53.5						53.5						52.6			(2)(6)(11)
												高级次级贷款						14.65% (7.00% PIK）			SOFR（Q）			9.25%						11/2021						11/2028									0.7						0.7						0.7			(2)(6)(11)
												高级次级贷款						14.62% (7.00% PIK）			SOFR（Q）			9.25%						08/2022						11/2028									6.7						6.2						6.7			(2)(6)(11)
																																																			60.4						60.0
凯普斯通收购控股公司，Capstone Logistics Holdings，Inc和Capstone母公司控股有限公司（15）						将供应链解决方案提供商外包给配送中心运营商						第一优先权高级担保循环贷款																		08/2024						05/2029									—						—						—			(2)(13)
												第一优先权高级担保贷款						9.45%			SOFR（M）			4.50%						08/2024						11/2029									21.2						21.2						21.2			(2)(11)
												第二优先权优先担保贷款						13.45%			SOFR（M）			8.50%						08/2024						11/2030									87.5						87.5						87.5			(2)(11)
												A类单位																		11/2020												10,581									7.3						17.3			(2)
																																																			116.0						126.0
Compex法律服务公司（15）						外包诉讼和非诉讼病历检索服务的提供商						第一优先权高级担保循环贷款						10.64%			SOFR（Q）			5.45%						05/2022						02/2025									1.8						1.8						1.8			(2)(11)
												第一优先权高级担保贷款						11.38%			SOFR（Q）			6.00%						07/2023						02/2026									1.9						1.9						1.9			(2)(11)
																																																			3.7						3.7
Dorado Bidco，Inc.（15）						为食品和饮料行业提供消费者和市场见解						第一优先权高级担保贷款						9.08%			SOFR（S）			4.50%						09/2024						09/2031									6.8						6.8						6.7			(2)(11)
DP Flores Holdings，LLC（15）						课征申报报销计划的福利管理员						第一优先权高级担保贷款						11.36%			SOFR（S）			6.50%						09/2024						09/2030									27.1						27.1						26.5			(2)(11)
卓贡比多公司& Drogon Aggregator LP（15）						消防安全和生命安全服务提供商						第一优先权高级担保贷款						9.85%			SOFR（M）			5.00%						08/2024						08/2031									15.1						15.1						14.9			(2)(11)
												A-2类常用单位																		08/2024												1,850,000									1.9						1.9			(2)
																																																			17.0						16.8

请参阅合并财务报表随附的注释

24

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ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美金金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
DPD Holdco，Inc.和OPE DPD Holdings，Inc.						法律流程外包和托管服务提供商						A类普通股																		08/2014												7,500									7.5						16.0			(2)
												b类普通股																		08/2014												7,500									—						—			(2)
																																																			7.5						16.0
Duraserv LLC（15）						商业装卸码头维护和改造服务提供商						第一优先权高级担保贷款						9.86%			SOFR（M）			4.75%						06/2024						06/2031									22.0						22.0						21.7			(2)(11)
Elevation Services母公司控股有限责任公司（15）						电梯服务平台						第一优先权高级担保循环贷款						11.27%			SOFR（Q）			6.00%						12/2020						12/2026									1.7						1.7						1.6			(2)(11)(14)
												第一优先权高级担保贷款						11.46%			SOFR（Q）			6.00%						12/2020						12/2026									10.0						10.0						9.8			(2)(11)
												第一优先权高级担保贷款						11.32%			SOFR（Q）			6.00%						05/2022						12/2026									14.0						14.0						13.7			(2)(11)
																																																			25.7						25.1
FlyWheel Acquireco公司（15）						提供人力资源、合规和风险管理服务的专业雇主组织						第一优先权高级担保循环贷款						11.35%			SOFR（M）			6.50%						05/2023						05/2028									5.5						5.5						5.5			(2)(11)
												第一优先权高级担保贷款						11.35%			SOFR（M）			6.50%						05/2023						05/2030									52.1						52.1						52.1			(2)(11)
																																																			57.6						57.6
HH-斯特拉公司和Bedrock Parent Holdings，LP（15）						城市固体废物转运管理服务提供商						第一优先权高级担保循环贷款						10.25%			SOFR（Q）			5.50%						04/2021						04/2027									1.3						1.3						1.3			(2)(11)(14)
												第一优先权高级担保贷款						10.25%			SOFR（Q）			5.50%						04/2021						04/2028									8.8						8.8						8.8			(2)(11)
												第一优先权高级担保贷款						10.28%			SOFR（Q）			5.50%						09/2023						04/2028									21.8						21.8						21.8			(2)(11)
												第一优先权高级担保贷款						10.29%			SOFR（Q）			5.50%						04/2024						04/2028									0.9						0.9						0.9			(2)(11)
												A类单位																		04/2021												32,982									3.3						2.6			(2)
																																																			36.1						35.4
惠普RSS买家公司（15）						道路条纹和道路安全相关服务提供商						第一优先权高级担保贷款						9.60%			SOFR（Q）			5.00%						12/2023						12/2029									17.0						17.0						17.0			(2)(11)
												第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						03/2024						12/2029									0.6						0.6						0.6			(2)(11)
																																																			17.6						17.6
IRI Group Holdings，Inc. Circana，LLC和IRI-NPD Co-Invest Aggregator，LP（15）						专注于消费包装品行业的市场研究公司						第一优先权高级担保循环贷款						12.00%			基本利率（Q）			4.00%						08/2022						12/2027									0.6						0.6						0.6			(2)(11)(14)
												第一优先权高级担保循环贷款						9.85%			SOFR（M）			5.00%						08/2022						12/2027									7.5						7.5						7.5			(2)(11)(14)
												第一优先权高级担保贷款						9.85%			SOFR（M）			5.00%						08/2022						12/2028									219.3						219.3						219.3			(2)(11)
																																																			227.4						227.4
ISQ鹰眼控股公司和ISQ Hawkeye Holdings，LP（15）						商业和工业废物处理和处置服务提供商						第一优先权高级担保循环贷款						11.75%			基本利率（Q）			3.75%						08/2022						08/2030									0.7						0.7						0.7			(2)(11)(14)
												第一优先权高级担保贷款						9.63%			SOFR（M）			4.75%						08/2022						08/2031									5.0						5.0						5.0			(2)(11)
												A类单位																		09/2022												12,501									12.5						19.0			(2)
																																																			18.2						24.7

See accompanying notes to consolidated financial statements

25

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC (15)						Provider of janitorial and facilities management services						First lien senior secured loan						10.65% (3.50% PIK)			SOFR (S)			5.25%						11/2019						11/2028									40.9						40.9						40.9			(2)(11)
												First lien senior secured loan						13.40% (7.50% PIK)			SOFR (Q)			8.00%						12/2023						11/2028									13.4						12.5						13.4			(2)(11)
												Preferred units																		03/2024												4,042,767									7.7						4.3			(2)
												Class A common units																		03/2024												4,042,767									—						—			(2)
																																																			61.1						58.6
Kings Buyer, LLC (15)						Provider of comprehensive outsourced waste management consolidation services						First lien senior secured revolving loan						12.00%			Base Rate (Q)			4.00%						09/2023						10/2027									0.7						0.7						0.7			(2)(11)
												First lien senior secured loan						9.85%			SOFR (Q)			5.25%						09/2023						10/2027									16.3						16.3						16.3			(2)(11)
																																																			17.0						17.0
KPS Global LLC and Cool Group LLC (15)						Manufacturer of walk-in cooler and freezer systems						First lien senior secured loan						9.60%			SOFR (S)			4.75%						09/2024						09/2030									5.3						5.3						5.1			(2)(11)
Laboratories Bidco LLC and Laboratories Topco LLC (15)						Lab testing services for nicotine containing products						First lien senior secured revolving loan						10.50% (4.00% PIK)			SOFR (Q)			5.75%						07/2021						07/2029									0.6						0.6						0.5			(2)(11)
												First lien senior secured revolving loan						12.75% (4.00% PIK)			Base Rate (Q)			4.75%						07/2021						07/2029									7.2						7.2						5.8			(2)(11)
												First lien senior secured loan						10.13% (4.00% PIK)			SOFR (S)			5.75%						10/2019						07/2029									40.7						41.1						33.0			(2)(11)
												First lien senior secured loan						10.50% (4.00% PIK)			SOFR (Q)			5.75%						10/2020						07/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.50% (4.00% PIK)			SOFR (Q)			5.75%						07/2021						07/2029									4.5						4.5						3.6			(2)(11)
												Class A units																		07/2021												3,099,335									4.6						—			(2)
																																																			58.1						43.0
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (15)						Provider of human resources and workforce management solutions						First lien senior secured loan						10.14%			SOFR (Q)			5.00%						07/2024						07/2031									17.9						17.9						17.7			(2)(11)
												Class A common units																		07/2024												1,205,000									1.2						1.2			(2)
																																																			19.1						18.9
Lightbeam Bidco, Inc. (15)						Provider of yard management services						First lien senior secured revolving loan																		05/2023						05/2029									—						—						—			(2)(13)
												First lien senior secured loan						9.60%			SOFR (Q)			5.00%						05/2023						05/2030									5.3						5.3						5.3			(2)(11)
												First lien senior secured loan						9.76%			SOFR (Q)			5.00%						11/2023						05/2030									3.4						3.4						3.4			(2)(11)
																																																			8.7						8.7
LJP Purchaser, Inc. and LJP Topco, LP (15)						Provider of non-hazardous solid waste and recycling services						First lien senior secured loan						11.00%			SOFR (Q)			6.25%						09/2022						09/2028									9.6						9.6						9.6			(2)(11)
												Class A units						8.00% PIK												09/2022												5,098,000									6.0						7.1			(2)
																																																			15.6						16.7
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.						Keg management solutions provider						Second lien senior secured loan						13.60%			SOFR (Q)			9.00%						08/2020						07/2025									168.3						168.3						168.3			(2)(11)
												Second lien senior secured loan						13.60%			SOFR (Q)			9.00%						08/2023						07/2025									20.4						20.4						20.4			(2)(11)

See accompanying notes to consolidated financial statements

26

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Series A preferred stock						20.00% PIK												08/2020												1,507									2.1						3.5			(2)
												Series B preferred stock						19.00% PIK												09/2023												12,000									15.2						16.8			(2)
												Common stock																		12/2012												54,710									4.9						8.5			(2)
																																																			210.9						217.5
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. (15)						Provider of lawn care, tree care and pest control services						First lien senior secured loan						9.60%			SOFR (Q)			5.00%						06/2024						06/2031									23.0						23.0						22.8			(2)(11)
												Class A preferred units																		09/2024												591									0.6						0.6
												Class B common units																		09/2024												590,845									0.2						0.2
																																																			23.8						23.6
NAS, LLC and Nationwide Marketing Group, LLC (15)						Buying and marketing services organization for appliance, furniture and consumer electronics dealers						First lien senior secured revolving loan						11.86%			SOFR (Q)			6.50%						11/2020						06/2025									1.5						1.5						1.5			(2)(11)
												First lien senior secured loan						11.90%			SOFR (Q)			6.50%						11/2020						06/2025									6.1						6.1						6.1			(2)(11)
												First lien senior secured loan						11.90%			SOFR (Q)			6.50%						12/2021						06/2025									2.3						2.3						2.3			(2)(11)
												First lien senior secured loan						11.90%			SOFR (Q)			6.50%						05/2022						06/2025									1.3						1.3						1.3			(2)(11)
																																																			11.2						11.2
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (15)						Provider of audience insights, data and analytics to entertainment industry						First lien senior secured loan						10.15%			SOFR (Q)			4.75%						10/2022						10/2028									80.9						76.1						75.4			(2)(11)(18)
												First lien senior secured loan						10.40%			SOFR (Q)			5.00%						10/2022						04/2029									98.1						91.7						91.9			(2)(11)(18)
												First lien senior secured note						9.29%												11/2022						04/2029									52.8						51.7						51.8			(2)(18)
												Second lien senior secured loan						15.15%			SOFR (Q)			9.75%						10/2022						10/2029									227.5						227.4						225.2			(2)(11)
												Limited partnership interests																		10/2022												4,040,000									4.1						5.9			(2)
																																																			451.0						450.2
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1						Operator of multiple franchise concepts primarily related to home maintenance or repairs						Senior subordinated loan						15.50%			Base Rate (Q)			7.50%						09/2021						08/2029									119.1						119.1						119.1			(2)(11)
												Limited partner interest																		09/2021												9,725,000									9.7						12.0			(2)
																																																			128.8						131.1
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15)						Provider of lawncare services						First lien senior secured revolving loan						11.27%			SOFR (Q)			6.50%						12/2022						05/2028									3.0						3.0						3.0			(2)(11)
												First lien senior secured loan						11.37%			SOFR (Q)			6.50%						12/2022						05/2028									17.8						17.7						17.8			(2)(11)
												First lien senior secured loan						10.21%			SOFR (Q)			5.25%						06/2024						05/2028									0.8						0.8						0.8			(2)(11)
																																																			21.5						21.6
North Haven Stack Buyer, LLC (15)						Provider of environmental testing services						First lien senior secured revolving loan						10.34%			SOFR (Q)			5.25%						07/2021						07/2027									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						10.37%			SOFR (Q)			5.25%						07/2021						07/2027									9.7						9.7						9.7			(2)(11)
												First lien senior secured loan						10.14%			SOFR (Q)			5.25%						08/2023						07/2027									4.1						4.0						4.1			(2)(11)
												First lien senior secured loan						10.34%			SOFR (S)			5.25%						06/2024						07/2027									2.2						2.2						2.2			(2)(11)

See accompanying notes to consolidated financial statements

27

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.63%			SOFR (Q)			5.00%						06/2024						07/2027									3.0						2.9						3.0			(2)(11)
																																																			19.3						19.5
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC						Solid waste services provider						First lien senior secured loan						13.33% (2.00% PIK)			SOFR (Q)			8.00%						08/2023						08/2029									34.3						33.8						31.5			(2)(11)
												First lien senior secured loan						13.33% (2.00% PIK)			SOFR (S)			8.00%						06/2024						08/2029									10.9						10.1						10.1			(2)(11)
												Warrant to purchase units of Class A common units																		08/2023						08/2036						38,235									0.6						6.0			(2)
												Warrant to purchase units of Class A common units																		06/2024						06/2036						6,400									0.9						1.0			(2)
																																																			45.4						48.6
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15)						Provider of janitorial and facilities management services						First lien senior secured loan						10.81%			SOFR (S)			5.75%						10/2021						10/2027									67.2						67.2						65.8			(2)(11)
												First lien senior secured loan						11.51%			SOFR (S)			6.00%						11/2023						10/2027									12.2						12.2						12.1			(2)(11)
												Class A units																		10/2021												8,749,201									9.0						5.5			(2)
																																																			88.4						83.4
PS Operating Company LLC and PS Op Holdings LLC (5)(15)						Specialty distributor and solutions provider to the swine and poultry markets						First lien senior secured revolving loan																		12/2021						12/2026									5.1						4.7						2.4			(2)(10)
												First lien senior secured loan																		12/2021						12/2026									16.7						15.5						7.8			(2)(10)
												Common unit																		12/2021												279,200									7.4						—			(2)
																																																			27.6						10.2
PSC Parent, Inc. (15)						Provider of operational services for US petrochemical and refining companies						First lien senior secured revolving loan						10.22%			SOFR (M)			5.25%						04/2024						04/2030									2.5						2.5						2.5			(2)(11)(14)
												First lien senior secured revolving loan						12.25%			Base Rate (Q)			4.25%						04/2024						04/2030									0.2						0.2						0.2			(2)(11)(14)
												First lien senior secured loan						10.38%			SOFR (M)			5.25%						04/2024						04/2031									49.5						49.5						49.0			(2)(11)
																																																			52.2						51.7
PYE-Barker Fire & Safety, LLC (15)						Provider of fire protection services and products						First lien senior secured revolving loan						9.10%			SOFR (Q)			4.50%						05/2024						05/2030									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						9.10%			SOFR (Q)			4.50%						05/2024						05/2031									15.8						15.8						15.8			(2)(11)
																																																			16.3						16.3
R2 Acquisition Corp.						Marketing services						Common stock																		05/2007												250,000									0.2						0.2			(2)
RC V Tecmo Investor LLC						Technology based aggregator for facility maintenance services						Common member units																		08/2020												9,624,000									8.3						15.5			(2)
RE Community Holdings GP, LLC and RE Community Holdings, LP						Operator of municipal recycling facilities						Limited partnership interest																		03/2011												2.49%									—						—			(2)
												Limited partnership interest																		03/2011												2.86%									—						—			(2)
																																																			—						—

See accompanying notes to consolidated financial statements

28

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (15)						Provider of FDA registration and consulting services						First lien senior secured revolving loan						10.34%			SOFR (Q)			5.00%						08/2021						08/2027									6.6						6.6						6.6			(2)(11)
												First lien senior secured loan						10.57%			SOFR (S)			5.00%						08/2021						08/2027									2.7						2.7						2.7			(2)(11)
												Limited partner interests																		08/2021												1.13%									2.7						2.4			(2)
																																																			12.0						11.7
Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc.						Provider of outsourced data collection to the market research industry						Common units																		07/2024												49									—						—			(2)
												Warrants to purchase shares of common stock																		07/2024						07/2028						142									—						—			(2)
																																																			—						—
Rodeo AcquisitionCo LLC (15)						Provider of food inspection and recovery services						First lien senior secured revolving loan						10.97%			SOFR (Q)			5.75%						07/2021						07/2027									1.4						1.4						1.4			(2)(11)
												First lien senior secured loan						10.96%			SOFR (Q)			5.75%						07/2021						07/2027									16.6						16.6						16.6			(2)(11)
																																																			18.0						18.0
Saturn Purchaser Corp.						Private aviation management company						First lien senior secured loan						10.48%			SOFR (Q)			5.25%						07/2023						07/2029									1.8						1.7						1.8			(2)(11)
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (15)(16)						Provider of landscape design and planning, and snow removal services						First lien senior secured revolving loan						10.70%			SOFR (M)			5.75%						12/2021						12/2027									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						10.70%			SOFR (M)			5.75%						12/2021						12/2027									3.4						3.4						3.4			(2)(11)
												Class A units																		12/2021												8,464									21.5						31.2			(2)
																																																			25.4						35.1
Shermco Intermediate Holdings, Inc. (15)						Provider of electrician services						First lien senior secured revolving loan						10.59%			SOFR (Q)			5.50%						05/2022						06/2026									2.4						2.4						2.4			(2)
												First lien senior secured loan						10.59%			SOFR (Q)			5.50%						05/2022						06/2026									5.1						5.1						5.1			(2)(11)
												First lien senior secured loan						10.50%			SOFR (Q)			5.50%						09/2023						06/2026									0.6						0.6						0.6			(2)(11)
																																																			8.1						8.1
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP						Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products						Limited partnership class A-1 units																		06/2020												2,173									1.1						—			(2)
												Limited partnership class A-2 units																		06/2020												2,173									1.1						—			(2)
																																																			2.2						—
Startec Equity, LLC (5)						Communication services						Member interest																		04/2010												190,581									—						—
Stealth Holding LLC and UCIT Online Security Inc.						Live video monitoring solutions provider						First lien senior secured loan						11.54%			SOFR (Q)			6.75%						03/2021						03/2026									52.0						52.0						52.0			(2)(6)(11)
												First lien senior secured loan						13.75%			Base Rate (Q)			5.75%						03/2021						03/2026									0.8						0.8						0.8			(2)(6)(11)
												First lien senior secured loan						11.82%			SOFR (Q)			6.75%						03/2022						03/2026									5.1						5.1						5.1			(2)(6)(11)
												First lien senior secured loan						11.54%			SOFR (Q)			6.75%						06/2023						03/2026									12.3						12.3						12.3			(2)(6)(11)
												First lien senior secured loan						12.20%			SOFR (Q)			6.75%						06/2024						03/2026									3.1						3.1						3.1			(2)(6)(11)
																																																			73.3						73.3

See accompanying notes to consolidated financial statements

29

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
SV Newco 2, Inc. and Site 2020 Incorporated (15)						Provider of outsourced traffic control safety services						First lien senior secured loan						9.81%			SOFR (Q)			4.75%						05/2024						06/2031									22.6						22.6						22.3			(2)(6)(11)
Systems Planning and Analysis, Inc. (15)						Provider of systems engineering and technical assistance to the US DoD						First lien senior secured revolving loan						8.59%			SOFR (Q)			4.00%						05/2022						08/2027									0.8						0.7						0.8			(2)(11)
												First lien senior secured loan						10.26%			SOFR (Q)			5.00%						05/2022						08/2027									1.0						1.0						1.0			(2)(11)
																																																			1.7						1.8
The Hiller Companies, LLC (15)						Provider of fire protection and life safety products						First lien senior secured loan						10.15%			SOFR (Q)			5.00%						06/2024						06/2030									41.0						41.0						40.6			(2)(11)
Thermostat Purchaser III, Inc. (15)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured revolving loan																		08/2021						08/2028									—						—						—			(2)(13)
												Second lien senior secured loan						12.46%			SOFR (Q)			7.25%						08/2021						08/2029									23.0						23.0						23.0			(2)(11)
																																																			23.0						23.0
UP Intermediate II LLC and UPBW Blocker LLC (15)						Provider of essential mechanical, electrical and plumbing services to commercial customers						First lien senior secured revolving loan						10.10%			SOFR (M)			5.25%						03/2024						03/2030									1.7						1.7						1.7			(2)(11)(14)
												First lien senior secured loan						9.85%			SOFR (Q)			5.25%						03/2024						03/2031									4.8						4.8						4.8			(2)(11)
												Common units																		03/2024												60,470									6.0						5.9			(2)
												Common units																		09/2024												3,918									0.3						0.4			(2)
																																																			12.8						12.8
Valcourt Holdings II, LLC and Jobs Holdings, Inc. (15)						Provider of window cleaning and building facade maintenance and restoration services						First lien senior secured loan						11.04%			SOFR (Q)			5.75%						11/2023						11/2029									53.9						53.9						53.9			(2)(11)
Visual Edge Technology, Inc. (5)(15)						Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies						First lien senior secured loan						12.27% (1.25% PIK)			SOFR (Q)			7.00%						07/2023						12/2025									33.6						33.3						33.6			(2)(11)
												Senior preferred stock						10.00% PIK												07/2023												4,737									45.9						45.2			(2)
												Junior preferred stock																		07/2023												6,600									—						—			(2)
												Warrant to purchase shares of common stock																		08/2017						08/2030						10,358,572									3.9						—			(2)
																																																			83.1						78.8
VRC Companies, LLC (15)						Provider of records and information management services						Senior subordinated loan						12.00% (2.00% PIK)												05/2022						06/2028									5.2						5.3						5.1			(2)
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (15)						Provider of agronomics products for landscapers, contractors and golf course end users						First lien senior secured loan						9.85%			SOFR (Q)			5.25%						05/2024						05/2030									17.3						17.3						17.0			(2)(11)
												Class A preferred units						10.00% PIK												05/2024												9,260									1.0						1.0
												Class A common units																		05/2024												862									—						0.1
																																																			18.3						18.1
Wash Encore Holdings, LLC						Provider of outsourced healthcare linen management solutions						First lien senior secured loan						11.45%			SOFR (M)			6.50%						07/2021						07/2027									96.8						96.8						96.8			(2)(11)
												First lien senior secured loan						11.56%			SOFR (M)			6.50%						07/2024						07/2027									16.7						16.4						16.7			(2)(11)
																																																			113.2						113.5

See accompanying notes to consolidated financial statements

30

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
XIFIN, Inc. and ACP Charger Co-Invest LLC (15)						Revenue cycle management provider to labs						First lien senior secured revolving loan						11.50% (4.25% PIK)			SOFR (Q)			6.75%						02/2020						02/2026									5.7						5.7						5.4			(2)(11)
												First lien senior secured loan						11.50% (4.25% PIK)			SOFR (Q)			6.75%						07/2021						02/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.50% (4.25% PIK)			SOFR (Q)			6.75%						12/2021						02/2026									37.3						37.0						35.4			(2)(11)
												Class A units																		02/2020												180,000									1.8						2.0			(2)
												Class B units																		12/2021												46,363									0.9						0.5			(2)
												Class C units																		06/2024												238									0.2						0.2			(2)
																																																			45.7						43.6
Zinc Buyer Corporation (15)						Provider of recurring fire protection services						First lien senior secured revolving loan																		07/2024						07/2031									—						—						—			(2)(13)
												First lien senior secured loan						9.35%			SOFR (Q)			4.75%						07/2024						07/2031									31.4						31.4						31.1			(2)(11)
																																																			31.4						31.1
																																																			2,722.5						2,761.9						21.63%
Financial Services
Aduro Advisors, LLC (15)						Provider of fund administration services						First lien senior secured loan						9.60%			SOFR (Q)			5.00%						07/2024						07/2030									8.3						8.3						8.2			(2)(11)
AQ Sage Buyer, LLC (15)						Provider of actuarial consulting and comprehensive wealth management services						First lien senior secured revolving loan						10.81%			SOFR (Q)			6.00%						05/2022						01/2026									0.2						0.2						0.2			(2)(6)(11)
												First lien senior secured loan						11.51%			SOFR (S)			6.00%						05/2022						01/2027									3.6						3.6						3.4			(2)(6)(11)
																																																			3.8						3.6
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC						Provider of comprehensive suite of investment management and wealth planning solutions						First lien senior secured loan						11.84%			SOFR (Q)			6.75%						09/2021						09/2027									0.2						0.2						0.2			(2)(11)
												Senior subordinated loan						9.30% PIK												09/2021						09/2026									5.9						5.9						5.9			(2)
												Common units																		09/2021												6,291,539									6.3						5.5			(2)
																																																			12.4						11.6
Beacon Pointe Harmony, LLC (15)						Provider of comprehensive wealth management services						First lien senior secured loan						9.49%			SOFR (Q)			4.75%						12/2021						12/2028									9.2						9.2						9.2			(2)(6)(11)
												First lien senior secured loan						9.60%			SOFR (M)			4.75%						12/2021						12/2028									10.5						10.5						10.5			(2)(6)(11)
												First lien senior secured loan						9.49%			SOFR (Q)			4.75%						07/2023						12/2028									3.9						3.9						3.9			(2)(6)(11)
												First lien senior secured loan						9.04%			SOFR (S)			4.75%						06/2024						12/2028									0.3						0.3						0.3			(2)(6)(11)
																																																			23.9						23.9
Cliffwater LLC (15)						Provider of alternative investment advisory services						First lien senior secured loan						9.35%			SOFR (M)			4.50%						10/2023						10/2030									4.0						4.0						4.0			(2)(6)(11)
Convera International Holdings Limited and Convera International Financial S.A R.L. (15)						Provider of B2B international payment and FX risk management solutions						First lien senior secured loan						10.75%			SOFR (Q)			6.00%						03/2022						03/2028									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						10.75%			SOFR (Q)			6.00%						06/2023						03/2028									0.1						0.1						0.1			(2)(6)(11)
																																																			0.2						0.2
Corient Holdings, Inc.						Global wealth management firm						Series A preferred stock																		05/2023												41,427									41.4						50.5			(2)

See accompanying notes to consolidated financial statements

31

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC						Mortgage company originating loans in the retail and consumer direct channels						Series D preferred units																		11/2023												90,577									24.9						28.1
DFC Global Facility Borrower III LLC (15)						Non-bank provider of alternative financial services						First lien senior secured revolving loan						12.80%			SOFR (M)			7.50%						04/2023						04/2028									97.2						98.3						97.2			(2)(6)(9)(11)
eCapital Finance Corp.						Consolidator of commercial finance businesses						Senior subordinated loan						13.05%			SOFR (M)			7.75%						01/2020						12/2025									56.0						56.0						56.0			(2)(11)
												Senior subordinated loan						13.05%			SOFR (M)			7.75%						11/2020						12/2025									5.4						5.4						5.4			(2)(11)
												Senior subordinated loan						13.05%			SOFR (M)			7.75%						01/2022						12/2025									24.3						24.3						24.3			(2)(11)
												Senior subordinated loan						13.05%			SOFR (M)			7.75%						04/2022						12/2025									55.8						55.8						55.8			(2)(11)
												Senior subordinated loan						13.05%			SOFR (M)			7.75%						10/2023						12/2025									12.3						12.3						12.3			(2)(11)
																																																			153.8						153.8
Endeavor Bidco LLC and Endeavor TopCo, Inc.						Global securities finance trading platform						First lien senior secured loan						9.38%			SOFR (Q)			4.25%						08/2024						08/2029									6.1						6.1						6.0			(2)(11)
						Trading platform for securities finance						Class A common units																		08/2024												1,859									1.9						1.9
																																																			8.0						7.9
Envestnet, Inc.						Provider of comprehensive wealth management software, services, and solutions						First lien senior secured loan						8.10%			SOFR (Q)			3.50%						09/2024						09/2031									1.0						1.0						1.0			(2)(18)
EP Wealth Advisors, LLC						Wealth management and financial planning firm						First lien senior secured loan						9.10%			SOFR (Q)			4.50%						09/2020						09/2029									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						9.10%			SOFR (Q)			4.50%						11/2022						09/2029									0.2						0.2						0.2			(2)(11)
																																																			0.8						0.8
GTCR F Buyer Corp. and GTCR (D) Investors LP (15)(16)						Provider of end-to-end tech-enabled administrative services to private foundations						First lien senior secured loan						10.60%			SOFR (Q)			6.00%						09/2023						09/2030									4.9						4.9						4.9			(2)(11)
												Limited partnership interests																		09/2023												4,588,148									4.6						5.3			(2)
																																																			9.5						10.2
HighTower Holding, LLC						Provider of investment, financial and retirement planning services						Senior subordinated loan						6.75%												06/2022						04/2029									8.1						7.0						7.7			(2)(6)(18)
Ivy Hill Asset Management, L.P. (5)						Asset management services						Subordinated revolving loan						11.32%			SOFR (Q)			6.50%						02/2018						01/2030									28.0						28.0						28.0			(6)(11)
												Member interest																		06/2009												100.00%									1,700.5						1,926.2			(6)
																																																			1,728.5						1,954.2
Lido Advisors, LLC (15)						Wealth management and financial planning firm						First lien senior secured revolving loan						9.86%			SOFR (M)			5.00%						06/2021						06/2029									0.8						0.8						0.8			(2)(11)(14)
												First lien senior secured loan						10.25%			SOFR (Q)			5.00%						06/2021						06/2029									5.1						5.1						5.1			(2)(11)
												First lien senior secured loan						10.04%			SOFR (Q)			5.00%						06/2023						06/2029									2.2						2.2						2.2			(2)(11)
																																																			8.1						8.1
LS DE LLC and LM LSQ Investors LLC						Asset based lender						Senior subordinated loan						12.00% (1.50% PIK)												06/2015						03/2025									37.9						37.9						37.9			(2)(6)
												Senior subordinated loan						12.00% (1.50% PIK)												06/2017						03/2025									3.1						3.1						3.1			(2)(6)
												Membership units																		06/2015												3,275,000									3.3						1.6			(6)
																																																			44.3						42.6

See accompanying notes to consolidated financial statements

32

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
迈资本管理中级有限责任公司（15）						综合财富管理服务提供商和注册投资顾问						第一优先权高级担保贷款						9.35%			SOFR（Q）			4.75%						08/2024						08/2031									8.3						8.3						8.2			(2)(6)(11)
莫妮卡·霍尔德科（美国）公司（15）						投资技术和咨询公司						第一优先权高级担保贷款						11.00%			SOFR（Q）			6.25%						01/2021						01/2028									2.5						2.5						2.5			(2)(6)(11)
												第一优先权高级担保贷款						10.82%			SOFR（Q）			5.75%						08/2024						01/2028									2.7						2.7						2.7			(2)(6)(11)
																																																			5.2						5.2
Pathstone Family Office LLC和Kelso Xi Tailwind Co-Investment，LP（15）（16）						综合财富管理服务提供商和注册投资顾问						第一优先权高级担保循环贷款						10.19%			SOFR（M）			5.00%						05/2023						05/2028									0.1						0.1						0.1			(2)(6)(11)
												第一优先权高级担保贷款						10.34%			SOFR（M）			5.00%						05/2023						05/2029									4.9						4.9						4.9			(2)(6)(11)
												第一优先权高级担保贷款						9.95%			SOFR（M）			5.00%						09/2023						05/2029									8.0						8.0						8.0			(2)(6)(11)
												第一优先权高级担保贷款						9.95%			SOFR（M）			5.00%						06/2024						05/2029									0.3						0.3						0.3			(2)(6)(11)
												有限合伙权益																		09/2023												1,783,935									1.8						1.9			(6)
																																																			15.1						15.2
PCIA SPV-3，LLC和ASE Royal Aggregator，LLC（15）						综合财富管理服务提供商						第一优先权高级担保贷款						10.35%			SOFR（Q）			5.25%						08/2023						08/2029									6.9						6.9						6.9			(2)(6)(11)
												首选单位																		07/2023												6,431,667									6.5						7.3			(6)
																																																			13.4						14.2
PCS MidCo，Inc和PCS Parent，LP（15）						40.1万记录保存软件解决方案提供商						第一优先权高级担保循环贷款						10.81%			SOFR（Q）			5.75%						03/2024						03/2030									0.8						0.8						0.8			(2)(11)
												第一优先权高级担保贷款						10.81%			SOFR（Q）			5.75%						03/2024						03/2030									7.6						7.6						7.6			(2)(11)
												A类单位																		03/2024												785,000									0.8						0.8			(2)
																																																			9.2						9.2
Perigon Wealth Management，LLC、Perigon Wealth Advisors Holdings Company，LLC和CWC Fund I Co-Invest（Prism）LP（15）						财富管理和财务规划公司						第一优先权高级担保贷款						10.60%			SOFR（M）			5.75%						03/2024						03/2031									2.3						2.3						2.3			(2)(6)(11)
												有限合伙权益																		03/2024												2,374,000									2.4						2.4			(6)
																																																			4.7						4.7
Petrus Buyer公司（15）						房地产投资信托基金研究数据和分析的提供商						第一优先权高级担保贷款						10.50%			SOFR（Q）			5.25%						11/2022						10/2029									5.9						5.9						5.9			(2)(11)
Priority Holdings，LLC和Priority Technology Holdings，Inc.						商户收单和支付处理解决方案提供商						高级优先股						16.59% (7.00% PIK）			SOFR（Q）			12.00%						04/2021												25,739									31.8						32.3			(2)(6)(11)
												购买普通股股份的令状																		04/2021						04/2031						527,226									4.0						3.6			(2)(6)(18)
																																																			35.8						35.9
RFS Opco LLC						财富管理服务提供商						第一优先权高级担保贷款						9.60%			SOFR（Q）			5.00%						04/2024						04/2031									29.6						29.6						29.6			(2)(6)(11)
Rialto Management Group，LLC（15）						专注于房地产的投资与资产管理平台						第一优先权高级担保循环贷款																		11/2018						12/2025									—						—						—			(2)(6)(13)
												第一优先权高级担保贷款						10.45%			SOFR（M）			5.50%						11/2018						12/2025									0.3						0.3						0.3			(2)(6)(11)

请参阅合并财务报表随附的注释

33

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
												第一优先权高级担保贷款						10.45%			SOFR（M）			5.50%						04/2021						12/2025									0.1						0.1						0.1			(2)(6)(11)
												第一优先权高级担保贷款						10.45%			SOFR（M）			5.50%						12/2021						12/2025									0.1						0.1						0.1			(2)(6)(11)
																																																			0.5						0.5
Steward Partners Global Advisory，LLC和Steward Partners Investment Advisory，LLC（15）						财富管理平台						第一优先权高级担保贷款						10.36%			SOFR（Q）			5.50%						12/2023						10/2028									2.4						2.3						2.4			(2)(6)(11)
爱德曼金融中心有限责任公司						投资、财务和退休规划服务提供商						第二优先权优先担保贷款						10.10%			SOFR（M）			5.25%						05/2024						10/2028									0.1						0.1						0.1			(2)(6)(18)
The Mather Group，LLC、TVG-TMG Topco，Inc.、和TVG-TMG Holdings，LLC（15）						综合财富管理服务提供商						第一优先权高级担保循环贷款						13.00%			基本利率（Q）			5.00%						03/2022						03/2028									0.3						0.3						0.3			(2)(6)(11)
												第一优先权高级担保贷款						11.37%			SOFR（S）			6.00%						03/2022						03/2028									3.9						3.9						3.8			(2)(6)(11)
												高级次级贷款						12.00% PIK												03/2022						03/2029									3.7						3.7						3.6			(2)(6)
												A系列首选单位																		03/2022												7,199									7.2						4.1			(2)(6)
												普通单位																		03/2022												7,199									—						—			(2)(6)
																																																			15.1						11.8
The Ultimus Group Midco，LLC、The Ultimus Group，LLC和The Ultimus Group Aggregator，LP（15）						为基金经理提供资产服务能力						第一优先权高级担保贷款						9.95%			SOFR（Q）			5.25%						03/2024						03/2031									20.7						20.7						20.7			(2)(11)
												甲级首选单位						8.00% PIK												09/2019												1,443									2.2						2.2
												A类公用单位																		02/2019												245									0.2						2.6
												b类公用单位																		02/2019												2,167,424									—						—
												b类公用单位																		02/2019												245,194									—						—
																																																			23.1						25.5
Waverly Advisors，LLC和WAAm Topco，LLC（15）						财富管理和财务规划公司						第一优先权高级担保贷款						10.50%			SOFR（Q）			5.75%						03/2022						03/2028									0.7						0.7						0.7			(2)(6)(11)
												第一优先权高级担保贷款						10.27%			SOFR（Q）			5.50%						03/2024						03/2028									1.4						1.4						1.4			(2)(6)(11)
												A类单位																		06/2023												1,432,867									1.7						2.5			(6)
																																																			3.8						4.6
财富增强集团有限责任公司（15）						财富管理和财务规划公司						第一优先权高级担保贷款						10.75%			SOFR（Q）			5.50%						10/2019						10/2027									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.52%			SOFR（Q）			5.50%						11/2020						10/2027									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.70%			SOFR（Q）			5.50%						06/2021						10/2027									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.68%			SOFR（Q）			5.50%						08/2021						10/2027									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.32%			SOFR（Q）			5.50%						02/2024						10/2027									4.8						4.8						4.8			(2)(11)
																																																			5.2						5.2
惠灵顿-阿尔特斯金融公司（15）（16）						财富管理和咨询公司						第一优先权高级担保贷款						9.58%			科拉（S）			5.00%						08/2024						08/2030									0.8						0.8						0.8			(2)(6)(11)
												普通股																		08/2024												26,269									1.2						1.2			(2)(6)
																																																			2.0						2.0
																																																			2,357.5						2,593.8						20.31%
保险服务

请参阅合并财务报表随附的注释

34

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (15)						Insurance broker						First lien senior secured loan						10.09%			SOFR (Q)			4.75%						11/2019						11/2029									37.7						37.6						37.7			(2)(11)
												First lien senior secured loan						9.79%			SOFR (Q)			4.75%						08/2023						11/2029									9.5						10.0						9.5			(2)(11)
												First lien senior secured loan						9.53%			SOFR (Q)			4.75%						11/2023						11/2029									0.3						0.3						0.3			(2)(11)
																																																			47.9						47.5
Acrisure, LLC						Independent property and casualty insurance brokerage						First lien senior secured loan						8.21%			SOFR (M)			3.25%						10/2023						11/2030									0.2						0.2						0.2			(2)(18)
Alera Group, Inc. (15)						Insurance service provider						First lien senior secured loan						10.10%			SOFR (M)			5.25%						09/2021						10/2028									46.1						46.1						46.1			(2)(11)
												First lien senior secured loan						10.60%			SOFR (M)			5.75%						11/2023						10/2028									3.7						3.7						3.7			(2)(11)
																																																			49.8						49.8
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc.						Insurance service provider						First lien senior secured loan						9.00%			SOFR (Q)			3.75%						02/2023						02/2028									1.0						1.0						1.0			(2)(18)
AQ Sunshine, Inc. (15)						Specialized insurance broker						First lien senior secured revolving loan						10.00%			SOFR (Q)			5.25%						07/2024						07/2030									0.5						0.5						0.5			(2)(11)(14)
												First lien senior secured loan						10.32%			SOFR (S)			5.25%						07/2024						07/2031									99.4						99.4						98.5			(2)(11)
																																																			99.9						99.0
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc						Insurance broker and underwriting servicer						First lien senior secured loan						8.39%			Euribor (S)			4.75%						02/2024						02/2031									27.1						26.3						27.1			(2)(6)
												First lien senior secured loan						9.90%			SOFR (S)			4.75%						02/2024						02/2031									109.4						109.4						109.4			(2)(6)(11)
																																																			135.7						136.5
Benecon Midco II LLC and Benecon Holdings, LLC (15)						Employee benefits provider for small and mid-size employers						First lien senior secured revolving loan						10.36%			SOFR (M)			5.50%						01/2024						01/2031									1.1						1.1						1.1			(2)(11)
												First lien senior secured loan						10.84%			SOFR (Q)			5.50%						01/2024						01/2031									83.3						83.3						83.3			(2)(11)
												Class A units																		01/2024												7,796,550									27.1						29.0
																																																			111.5						113.4
Captive Resources Midco, LLC (15)						Provider of independent consulting services to member-owned group captives						First lien senior secured loan						10.60% (2.88% PIK)			SOFR (M)			5.75%						07/2022						07/2029									0.1						0.1						0.1			(2)(11)
Daylight Beta Parent LLC and CFCo, LLC (4)						Health insurance sales platform provider						First lien senior secured loan																		09/2023						09/2033									12.9						12.0						2.5			(2)(10)
												First lien senior secured loan																		09/2023						09/2038									20.8						0.5						—			(2)
												Class B units																		09/2023												32,391,330									—						—			(2)
																																																			12.5						2.5
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (15)(16)						Managing general agent insurance distribution platform						First lien senior secured loan						10.09%			SOFR (Q)			5.25%						12/2023						12/2030									12.9						12.9						12.9			(2)(6)(11)
												First lien senior secured loan						10.56%			SOFR (Q)			5.50%						12/2023						12/2030									3.5						3.5						3.5			(2)(6)(11)
												Limited partnership interest																		03/2024												1,348,309									1.3						1.9			(2)(6)
																																																			17.7						18.3
Foundation Risk Partners, Corp. (15)						Full service independent insurance agency						First lien senior secured loan						9.85%			SOFR (Q)			5.25%						10/2021						10/2030									78.8						78.8						78.8			(2)(11)
												First lien senior secured loan						9.85%			SOFR (Q)			5.25%						04/2022						10/2030									49.3						49.3						49.3			(2)(11)
												First lien senior secured loan						9.85%			SOFR (Q)			5.25%						11/2023						10/2030									16.0						16.0						16.0			(2)(11)
																																																			144.1						144.1

See accompanying notes to consolidated financial statements

35

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
戈尔韦借款人有限责任公司（15）						保险服务商						第一优先权高级担保循环贷款						9.14%			SOFR（Q）			4.50%						09/2021						09/2028									2.9						2.9						2.9			(2)(11)(14)
												第一优先权高级担保贷款						9.10%			SOFR（S）			4.50%						09/2021						09/2028									31.1						31.1						31.1			(2)(11)
																																																			34.0						34.0
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.（15）						保险经纪						第一优先权高级担保贷款						9.54%			科拉（Q）			5.25%						03/2024						03/2031									9.9						9.9						9.8			(2)(6)(11)
Higginbotham保险代理公司（15）						独立零售保险经纪人						第一优先权高级担保贷款						9.35%			SOFR（M）			4.50%						08/2023						11/2028									5.3						5.3						5.3			(2)(11)
												第一优先权高级担保贷款						9.60%			SOFR（M）			4.75%						03/2024						11/2028									0.9						0.9						0.9			(2)(11)
																																																			6.2						6.2
高街买家公司和High Street Holdco LLC（15）（16）						保险经纪平台						第一优先权高级担保贷款						9.85%			SOFR（Q）			5.25%						04/2021						04/2028									22.4						22.4						22.4			(2)(11)
												第一优先权高级担保贷款						9.85%			SOFR（Q）			5.25%						08/2021						04/2028									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						9.97%			SOFR（Q）			5.25%						02/2022						04/2028									23.1						23.1						23.1			(2)(11)
												A系列首选单位						10.00% PIK												04/2021												172,211,694									219.2						214.7			(2)
												A系列首选单位						10.00% PIK												12/2023												20,106,667									21.8						21.4			(2)
												A系列首选单位						10.00% PIK												04/2024												1,386,667									1.5						1.4			(2)
												A系列首选单位						10.00% PIK												07/2024												4,506,667									4.6						4.5			(2)
												A系列常用单位						10.00% PIK												04/2021												5,562,381									8.5						15.2			(2)
												C系列常用单位						10.00% PIK												04/2021												10,043,368									1.6						27.4			(2)
																																																			302.8						330.2
Inszone Mid，LLC和INZZ Holdings，LLC（15）						保险经纪公司						第一优先权高级担保贷款						10.16%			SOFR（S）			5.75%						12/2023						11/2029									21.7						21.7						21.7			(2)(11)
												有限合伙权益																		11/2022												2,146,088									1.7						2.4
												普通单位																		11/2023												8,473,000									8.5						9.4
																																																			31.9						33.5
Keystone Agency Partners LLC（15）						保险经纪平台						第一优先权高级担保贷款						9.60%			SOFR（Q）			5.00%						12/2023						05/2027									10.2						10.1						10.2			(2)(11)
												第一优先权高级担保贷款						9.60%			SOFR（Q）			5.00%						08/2024						05/2027									6.5						6.4						6.5			(2)(11)
																																																			16.5						16.7
OakBridge Insurance Agency LLC和Maple Acquisition Holdings，LP（15）						保险经纪平台						第一优先权高级担保循环贷款						10.66%			SOFR（M）			5.50%						11/2023						11/2029									0.4						0.4						0.4			(2)(11)
												第一优先权高级担保贷款						10.66%			SOFR（M）			5.50%						11/2023						11/2029									7.7						7.7						7.7			(2)(11)
												A2级单位																		11/2023												115,928									2.3						2.3			(2)
																																																			10.4						10.4
OneDigital借款人有限责任公司（15）						经纪人福利和经纪人外包工作流程自动化平台提供商						第一优先权高级担保循环贷款																		11/2020						05/2027									—						0.1						—			(2)(13)
爱国者成长保险服务有限责任公司（15）						全国零售保险机构						第一优先权高级担保循环贷款						9.95%			SOFR（M）			5.00%						10/2021						10/2028									0.4						0.3						0.4			(2)(11)
												第一优先权高级担保贷款						9.75%			SOFR（Q）			5.00%						10/2021						10/2028									15.7						15.6						15.7			(2)(11)
																																																			15.9						16.1

请参阅合并财务报表随附的注释

36

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ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
人民公司（15）						团体福利、团体退休和人力资源服务提供商						第一优先权高级担保循环贷款						9.57%			科拉（Q）			5.25%						02/2021						02/2027									1.2						1.2						1.2			(2)(6)(11)
												第一优先权高级担保贷款						9.83%			科拉（Q）			5.25%						02/2021						02/2028									43.1						45.8						43.1			(2)(6)(11)
												第一优先权高级担保贷款						9.83%			科拉（Q）			5.25%						09/2021						02/2028									25.2						25.5						25.2			(2)(6)(11)
												第一优先权高级担保贷款						9.83%			科拉（Q）			5.25%						09/2023						02/2028									10.2						10.1						10.2			(2)(6)(11)
																																																			82.6						79.7
Riser Topco II，LLC（15）						保险计划管理者						第一优先权高级担保贷款						10.95%			索尼娅（Q）			6.00%						10/2023						10/2029									1.1						1.0						1.1			(2)(11)
												第一优先权高级担保贷款						10.60%			SOFR（Q）			6.00%						10/2023						10/2029									7.5						7.5						7.5			(2)(11)
												第一优先权高级担保贷款						10.02%			SOFR（Q）			5.00%						05/2024						10/2029									9.0						9.0						9.0			(2)(11)
												第一优先权高级担保贷款						9.95%			索尼娅（Q）			5.00%						05/2024						10/2029									3.0						3.0						3.1			(2)(11)
																																																			20.5						20.7
SageSure Holdings，LLC和SageSure LLC（15）						保险服务商						第一优先权高级担保贷款						10.21%			SOFR（Q）			5.00%						08/2024						01/2030									63.8						63.8						63.8			(2)(11)
												A系列单位																		02/2022												886									19.6						63.8
																																																			83.4						127.6
SCm保险服务公司（15）						为加拿大财产和伤亡保险行业提供索赔管理、索赔调查和支持以及风险管理解决方案的提供商						第一优先权高级担保贷款						10.37%			CDOR（Q）			6.25%						06/2022						08/2025									24.4						24.3						24.4			(2)(6)(11)
select Quote，Inc.						直接到消费保险分销平台						第一优先权高级担保贷款						14.35% (3.00% PIK）			SOFR（M）			9.50%						02/2021						05/2025									21.6						21.6						19.8			(2)(11)
SG Acquisition，Inc.（15）						汽车销售保险解决方案提供商						第一优先权高级担保贷款						10.07%			SOFR（Q）			4.75%						04/2024						04/2030									47.0						47.0						47.0			(2)(11)
TIG母控股有限责任公司（15）						独立保险经纪						第一优先权高级担保贷款						9.92%			SOFR（M）			5.00%						08/2024						08/2031									55.7						55.7						55.2			(2)(11)
Spring Insurance Solutions，LLC						基于技术的直接面向消费者的保险产品销售和营销平台						第一优先权高级担保贷款						11.25%			SOFR（Q）			6.50%						11/2020						11/2025									21.9						21.6						19.9			(2)(11)
THG Acquisition，LLC（15）						多线保险经纪人						第一优先权高级担保循环贷款						10.70%			SOFR（M）			5.75%						12/2019						12/2025									2.1						2.1						2.1			(2)(11)(14)
												第一优先权高级担保贷款						10.70%			SOFR（M）			5.75%						12/2019						12/2026									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.70%			SOFR（M）			5.75%						12/2020						12/2026									14.6						14.6						14.6			(2)(11)
												第一优先权高级担保贷款						10.45%			SOFR（M）			5.50%						12/2021						12/2026									5.4						5.4						5.4			(2)(11)
																																																			22.2						22.2
Truist Insurance Holdings，LLC和McGriff Insurance Services，LLC（15）						保险经纪公司						第一优先权高级担保循环贷款						8.58%			SOFR（Q）			3.25%						05/2024						05/2029									0.2						0.1						0.2			(2)
												第一优先权高级担保贷款						7.85%			SOFR（Q）			3.25%						03/2024						05/2031									0.3						0.3						0.3			(2)(18)
																																																			0.4						0.5
World Insurance Associates，LLC和World Associates Holdings，LLC（15）						保险服务商						第一优先权高级担保贷款						10.86%			SOFR（Q）			5.75%						10/2023						04/2028									4.3						4.2						4.3			(2)(11)
																																																			1,431.6						1,490.6						11.67%
消费服务

See accompanying notes to consolidated financial statements

37

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5)						Restaurant owner and operator						First lien senior secured loan																		12/2016						08/2022									12.6						—						—			(2)(10)
Aimbridge Acquisition Co., Inc.						Hotel operator						Second lien senior secured loan						12.70%			SOFR (M)			7.50%						02/2019						02/2027									22.5						22.4						22.3			(2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP (15)						Heating, ventilation and air conditioning services provider						Second lien senior secured loan						13.37%			SOFR (Q)			8.50%						10/2020						10/2028									15.2						15.2						15.2			(2)(11)
												Series A preferred units						10.00% PIK												10/2020												2,531,500									3.4						6.0			(2)
																																																			18.6						21.2
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (15)						Provider of residential HVAC, plumbing, and electrical maintenance and repair services						First lien senior secured revolving loan						9.86%			SOFR (M)			5.00%						10/2023						10/2029									4.1						4.1						4.1			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.00%						09/2024						10/2030									185.3						185.1						185.3			(2)(11)
												Series B common units																		10/2023												262,165									7.2						9.4
																																																			196.4						198.8
ATI Restoration, LLC (15)						Provider of disaster recovery services						First lien senior secured revolving loan						10.81%			SOFR (Q)			5.50%						07/2020						07/2026									8.7						8.7						8.6			(2)(11)(14)
												First lien senior secured loan						10.71%			SOFR (Q)			5.50%						07/2020						07/2026									32.4						32.4						32.1			(2)(11)
												First lien senior secured loan						10.53%			SOFR (Q)			5.50%						05/2022						07/2026									48.0						48.0						47.5			(2)(11)
												First lien senior secured loan						10.66%			SOFR (Q)			5.50%						09/2023						07/2026									10.5						10.5						10.4			(2)(11)
																																																			99.6						98.6
Belfor Holdings, Inc. (15)						Disaster recovery services provider						First lien senior secured revolving loan																		11/2023						11/2028									—						0.2						—			(2)(13)
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (15)						Provider of HVAC and plumbing services to residential and commercial customers						First lien senior secured revolving loan						11.34%			SOFR (Q)			6.00%						12/2021						12/2027									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						13.38% (7.00% PIK)			SOFR (Q)			8.00%						12/2021						12/2027									3.2						3.2						2.9			(2)(11)
												First lien senior secured loan						13.16% (7.25% PIK)			SOFR (Q)			8.25%						03/2023						12/2027									6.3						6.3						5.8			(2)(11)
												Class A units																		12/2021												4,296									4.3						0.7
																																																			14.2						9.8
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured revolving loan						9.70%			SOFR (Q)			4.75%						05/2022						05/2028									1.2						1.2						1.2			(2)(11)
												First lien senior secured loan						9.46%			SOFR (Q)			4.75%						05/2022						05/2028									30.7						30.7						30.7			(2)(11)
												First lien senior secured loan						9.77%			SOFR (Q)			4.75%						11/2023						05/2028									4.6						4.6						4.6			(2)(11)
												Common stock																		05/2022												302									3.1						10.9			(2)
																																																			39.6						47.4
Concert Golf Partners Holdco LLC (15)						Golf club owner and operator						First lien senior secured loan						9.63%			SOFR (M)			4.75%						04/2024						04/2030									14.1						14.1						14.1			(2)(11)
CST Holding Company (15)						Provider of ignition interlock devices						First lien senior secured loan						9.95%			SOFR (M)			5.00%						11/2022						11/2028									11.6						11.6						11.6			(2)(11)
												First lien senior secured loan						9.95%			SOFR (M)			5.00%						07/2024						11/2028									0.1						0.1						0.1			(2)(11)
																																																			11.7						11.7

See accompanying notes to consolidated financial statements

38

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
Equinox Holdings，Inc						豪华、全方位服务健康健身俱乐部的运营商						第一优先权高级担保贷款						12.85% (4.13% PIK）			SOFR（Q）			8.25%						03/2024						03/2029									43.8						42.9						43.8			(2)(11)
												第二优先权优先担保贷款						16.00% PIK												03/2024						06/2027									3.8						3.7						3.8			(2)
																																																			46.6						47.6
Essential Services Holding Corporation和OMERS Mahomes Investment Holdings LLC（15）						管道和空调服务提供商						第一优先权高级担保循环贷款																		06/2024						06/2030									—						—						—			(2)(13)
												第一优先权高级担保贷款						10.29%			SOFR（Q）			5.00%						06/2024						06/2031									151.5						151.5						150.0			(2)(11)
												首选单位						15.00% PIK												07/2023												685									7.7						7.7			(2)
												A类单位																		11/2020												6,447									22.9						35.1			(2)
																																																			182.1						192.8
Eternal Aus Bidco Pty Ltd（15）						墓地、火葬场和殡葬服务运营商						第一优先权高级担保贷款						10.65%			BBSY（Q）			6.25%						11/2023						11/2029									7.5						7.1						7.5			(2)(6)(11)
Excel Fitness Consolidator LLC、Health Buyer LLC和Excel Fitness Holdings，Inc.（15）						健身设施运营商						第一优先权高级担保贷款						10.10%			SOFR（Q）			5.50%						08/2023						04/2029									5.1						5.0						5.1			(2)(11)
健身风险投资控股公司和有意义的合作伙伴Fitness Ventures Co-Investment LP（4）（15）						Crunch Fitness特许经营商						第一优先权高级担保循环贷款						8.85%			SOFR（M）			4.00%						08/2024						08/2030									1.9						1.9						1.9			(2)(11)
												第一优先权高级担保贷款						10.35%			SOFR（M）			5.50%						08/2024						08/2031									35.3						35.3						34.8			(2)(11)
												普通单位																		07/2024												11,957,000									12.0						12.0			(2)
																																																			49.2						48.7
Flint OpCo，LLC（15）						住宅空调和管道服务提供商						第一优先权高级担保贷款						9.96%			SOFR（Q）			5.25%						08/2023						08/2030									7.0						7.0						7.0			(2)(11)
												第一优先权高级担保贷款						9.81%			SOFR（S）			4.75%						05/2024						08/2030									0.5						0.5						0.5			(2)(11)
																																																			7.5						7.5
GS SEER Group借款人有限责任公司和GS SEER Group Holdings LLC（15）						商业和住宅空调、电气和管道服务提供商						第一优先权高级担保贷款						11.35%			SOFR（Q）			6.75%						04/2023						04/2030									21.4						21.4						21.4			(2)(11)
												A类公用单位																		04/2023												4,424									4.4						3.1			(2)
																																																			25.8						24.5
Helios Service Partners，LLC和Astra Service Partners，LLC（15）						为商业企业提供关键的空调、制冷和管道服务						第一优先权高级担保循环贷款						10.69%			SOFR（Q）			6.00%						08/2023						03/2027									0.1						0.1						0.1			(2)(11)(14)
												第一优先权高级担保贷款						10.87%			SOFR（Q）			6.00%						08/2023						03/2027									9.5						9.5						9.5			(2)(11)
																																																			9.6						9.6
Infinity Home Services HoldCo，Inc. D & S Amalco和IHS母公司控股有限公司（15）						住宅屋顶和外部维修和更换服务提供商						第一优先权高级担保循环贷款						13.75%			基本利率（Q）			5.75%						12/2022						12/2028									0.8						0.8						0.8			(2)(6)(11)
												第一优先权高级担保贷款						11.49%			SOFR（Q）			6.75%						12/2022						12/2028									14.7						14.7						14.7			(2)(6)(11)
												第一优先权高级担保贷款						11.41%			SOFR（Q）			6.00%						11/2023						12/2028									1.7						1.7						1.7			(2)(6)(11)
												第一优先权高级担保贷款						10.35%			科拉（Q）			6.00%						11/2023						12/2028									1.2						1.2						1.2			(2)(6)(11)
												第一优先权高级担保贷款						10.59%			CDOR（M）			6.00%						11/2023						12/2028									0.2						0.2						0.2			(2)(6)(11)

请参阅合并财务报表随附的注释

39

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
												A类单位																		12/2022												9,524,000									9.5						10.4			(2)
																																																			28.1						29.0
Jenny C Acquisition，Inc.						健康俱乐部特许经营商						高级次级贷款						8.00% PIK												04/2019						04/2025									1.8						1.8						1.8			(2)
Leviathan Intermediate Holdco，LLC和Leviathan Holdings，LP（15）						提供青少年发展计划的特许经营平台						第一优先权高级担保贷款						12.25%			SOFR（Q）			7.50%						12/2022						12/2027									30.3						30.3						30.3			(2)(11)
												有限合伙权益																		12/2022												2,149,690									2.1						2.7
																																																			32.4						33.0
ME Equity LLC						按摩行业特许经营商						普通股																		09/2012												3,000,000									3.0						4.4			(2)
Modigent，LLC和OMERS PDC Investment Holdings LLC（15）						商业空调服务提供商						第一优先权高级担保循环贷款						13.50%			基本利率（Q）			5.50%						08/2022						08/2027									2.1						2.1						2.1			(2)(11)
												第一优先权高级担保循环贷款						11.68%			SOFR（Q）			6.50%						08/2022						08/2027									3.3						3.3						3.2			(2)(11)
												第一优先权高级担保贷款						11.10%			SOFR（Q）			6.50%						08/2022						08/2028									3.5						3.5						3.5			(2)(11)
												第一优先权高级担保贷款						11.82%			SOFR（Q）			6.50%						09/2023						08/2028									2.8						2.8						2.8			(2)(11)
												A类单位																		08/2022												1,001									9.7						10.0			(2)
																																																			21.4						21.6
Northwind Holding，Inc和Northwind Services Group LLC（15）						空调和管道服务提供商						第一优先权高级担保贷款						10.64%			SOFR（Q）			5.25%						05/2023						05/2029									26.3						26.3						26.3			(2)(11)
												普通单位																		05/2023												2,911,607									4.0						4.1			(2)
																																																			30.3						30.4
GPT特许权管理有限责任公司和Octa Parent Holdings，LLC						机场餐厅运营商						第二次抵押票据						10.00% PIK												02/2024						02/2031									8.0						8.0						7.2			(2)
												参与权																		02/2024						02/2054						1									—						—			(2)
																																																			8.0						7.2
PestCo Holdings，LLC和PestCo，LLC（15）						为住宅和商业市场提供害虫控制服务						第一优先权高级担保贷款						11.41%			SOFR（Q）			6.00%						02/2023						02/2028									2.1						2.1						2.1			(2)(11)
												A类单位																		01/2023												139									1.9						2.2
																																																			4.0						4.3
Premier Buyer，LLC（15）						美国多户住宅物业的第三方住宅物业经理						第一优先权高级担保贷款						10.00%			SOFR（Q）			4.75%						05/2024						05/2031									38.5						38.5						37.9			(2)(11)
Pyramid-BMC IntermediateCo I，LLC和Pyramid Investors，LLC（15）						酒店运营商						第一优先权高级担保贷款						10.53%			SOFR（Q）			5.25%						01/2023						01/2028									7.6						7.6						7.6			(2)(11)
												首选会员单位						8.00% PIK						8.00%						07/2016												996,833									1.1						2.5
																																																			8.7						10.1
Quick Quack Car Wash Holdings，LLC和KKR Game Changer共同投资Feeder II LP（15）						洗车工						第一优先权高级担保贷款						9.60%			SOFR（M）			4.75%						05/2024						06/2031									46.3						46.3						45.6			(2)(11)
												有限合伙权益																		06/2024												11,184,000									11.2						11.7			(2)
																																																			57.5						57.3
Radiant Intermediate Holding，LLC						空调、管道和电气服务提供商						第一优先权高级担保贷款						10.81%			SOFR（M）			5.75%						04/2023						11/2026									2.0						2.0						1.8			(2)(11)

See accompanying notes to consolidated financial statements

40

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
Redwood Services，LLC和Redwood Services Holdco，LLC（15）						住宅空调和管道服务提供商						第一优先权高级担保循环贷款						11.25%			SOFR（Q）			6.50%						05/2024						12/2027									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保贷款						11.25%			SOFR（Q）			6.50%						12/2020						12/2027									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保贷款						11.25%			SOFR（Q）			6.50%						12/2021						12/2027									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						11.25%			SOFR（Q）			6.50%						09/2022						12/2027									5.0						5.0						5.0			(2)(11)
												第一优先权高级担保贷款						11.25%			SOFR（Q）			6.50%						05/2023						12/2027									8.6						8.6						8.6			(2)(11)
												第一优先权高级担保贷款						11.25%			SOFR（Q）			6.50%						03/2024						12/2027									7.1						7.1						7.1			(2)(11)
												第一优先权高级担保贷款						11.25%			SOFR（Q）			6.50%						05/2024						12/2027									1.5						1.5						1.5			(2)(11)
												D系列单位						8.00% PIK												12/2020												19,592,999									22.4						77.0
																																																			45.1						99.7
安全家居安全公司安全系统公司，安全家庭监控公司，国家保护服务公司Bright Integrations LLC和Medguard Alert，Inc.						为商业和住宅客户提供安全系统的提供商						第一优先权高级担保贷款						14.28%			SOFR（M）			9.25%						08/2020						10/2024									47.0						47.0						47.0			(2)(11)
泰麦克斯集团，LP，泰麦克斯集团GP，LLC，PF Salem Canada ULC和TP Fit Parent，LP（15）						星球健身特许经营商						第一优先权高级担保循环贷款						9.96%			科拉（M）			5.38%						07/2018						07/2026									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保循环贷款						10.31%			SOFR（M）			5.38%						07/2018						07/2026									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保循环贷款						10.20%			科拉（M）			5.50%						01/2024						07/2026									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保循环贷款						10.85%			SOFR（M）			5.50%						01/2024						07/2026									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.28%			SOFR（M）			5.33%						03/2020						07/2026									1.4						1.4						1.4			(2)(11)
												第一优先权高级担保贷款						10.45%			SOFR（M）			5.50%						01/2024						07/2026									0.2						0.2						0.2			(2)(11)
												A类单位																		07/2018												37,020									3.8						8.4
																																																			6.1						10.7
阿拉斯加俱乐部合作伙伴有限责任公司、田径俱乐部合作伙伴有限责任公司和阿拉斯加俱乐部公司（15）						顶级健康俱乐部运营商						第一优先权高级担保贷款						11.46%			SOFR（M）			6.50%						12/2019						06/2025									12.2						12.2						12.2			(2)(11)
Arcticom Group，LLC和AMCP Mechanical Holdings，LP（15）						制冷、供暖、通风和空调服务提供商						第一优先权高级担保循环贷款						12.35% (4.00% PIK）			SOFR（M）			7.50%						12/2021						12/2027									1.2						1.2						1.2			(2)(11)
												第一优先权高级担保贷款						12.35% (4.00% PIK）			SOFR（M）			7.50%						12/2021						12/2027									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保贷款						12.35% (4.00% PIK）			SOFR（M）			7.50%						08/2022						12/2027									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保贷款						12.35% (4.00% PIK）			SOFR（M）			7.50%						04/2023						12/2027									1.6						1.6						1.6			(2)(11)
												第一优先权高级担保贷款						12.35% (4.00% PIK）			SOFR（M）			7.50%						10/2023						12/2027									5.3						5.3						5.3			(2)(11)
												第一优先权高级担保贷款						12.35% (4.00% PIK）			SOFR（M）			7.50%						08/2024						12/2027									8.6						8.6						8.6			(2)(11)
												A类单位																		12/2021												8,493,698									8.5						11.8

See accompanying notes to consolidated financial statements

41

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class C units																		03/2023												333,510									—						0.5
																																																			25.6						29.4
Triwizard Holdings, Inc. and Triwizard Parent, LP (15)						Parking management and hospitality services provider						Class A-2 common units																		06/2023												30,000									3.0						4.2			(2)
TSS Buyer, LLC (15)						Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets						First lien senior secured loan						10.45%			SOFR (M)			5.50%						07/2023						06/2029									2.1						2.0						2.1			(2)(11)
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (15)						Provider of residential roofing repair & replacement						First lien senior secured revolving loan						10.60%			SOFR (M)			5.50%						11/2023						11/2030									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						10.86%			SOFR (Q)			5.75%						11/2023						11/2030									12.5						12.5						12.5			(2)(11)
												First lien senior secured loan						10.53%			SOFR (M)			5.50%						11/2023						11/2030									2.7						2.7						2.7			(2)(11)
												Class B common units																		11/2023												212									0.2						0.4
																																																			15.6						15.8
YE Brands Holdings, LLC (15)						Sports camp operator						First lien senior secured revolving loan						9.47%			SOFR (Q)			4.75%						10/2021						10/2027									1.2						1.2						1.2			(2)(11)
												First lien senior secured loan						9.35%			SOFR (Q)			4.75%						10/2021						10/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.35%			SOFR (Q)			4.75%						06/2022						10/2027									8.0						8.0						8.0			(2)(11)
												First lien senior secured loan						9.35%			SOFR (Q)			4.75%						09/2023						10/2027									3.7						3.7						3.7			(2)(11)
												First lien senior secured loan						9.40%			SOFR (Q)			4.75%						01/2024						10/2027									2.2						2.2						2.2			(2)(11)
																																																			15.2						15.2
ZBS Mechanical Group Co-Invest Fund 2, LLC						Provider of residential HVAC and plumbing services						Membership interest																		10/2021												2,771,000									1.4						13.5
																																																			1,158.6						1,255.8						9.83%
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5)						Investment company						Common stock																		01/2017												589									0.4						0.4			(6)
Constellation Wealth Capital Fund, L.P. (16)						Specialist alternative asset management platform						Limited partner interests																		01/2024												2,901,041									2.9						2.7			(6)(18)
CREST Exeter Street Solar 2004-1						Investment vehicle						Preferred shares																		01/2017						06/2039						3,500,000									—						—			(6)
CWC Fund I Co-Invest (ALTI) LP						Global wealth and alternatives manager						Limited partnership interest																		03/2024												6,224,000									6.2						6.5			(2)(6)
European Capital UK SME Debt LP (4)(16)						Investment partnership						Limited partnership interest																		01/2017												45.00%									8.2						16.9			(6)
HCI Equity, LLC (5)						Investment company						Member interest																		04/2010												100.00%									—						—			(6)(18)
Linden Structured Capital Fund II-A LP (16)						Investment partnership						Limited partnership interest																		07/2024												957,690									1.0						1.0			(2)(6)(18)
Partnership Capital Growth Investors III, L.P.						Investment partnership						Limited partnership interest																		10/2011												2.50%									1.8						4.7			(2)(6)(18)
PCG-Ares Sidecar Investment II, L.P. (4)(16)						Investment partnership						Limited partnership interest																		10/2014												100.00%									7.3						23.1			(2)(6)

See accompanying notes to consolidated financial statements

42

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
PCG-Ares Sidecar Investment, L.P. (4)(16)						Investment partnership						Limited partnership interest																		05/2014												100.00%									4.4						0.7			(6)
Piper Jaffray Merchant Banking Fund I, L.P.						Investment partnership						Limited partnership interest																		08/2012												2.00%									0.1						0.5			(6)(18)
Senior Direct Lending Program, LLC (5)(17)						Co-investment vehicle						Subordinated certificates						12.50%			SOFR (Q)			8.00%						07/2016						12/2036									1,273.7						1,231.4						1,159.2			(6)(12)
						Membership interest																																				87.50%									—						—			(6)
																																																			1,231.4						1,159.2
																																																			1,263.7						1,215.7						9.52%
Power Generation
Apex Clean Energy TopCo, LLC (4)						Developer, builder and owner of utility-scale wind and solar power facilities						Class A common units																		11/2021												1,335,610									134.7						221.5
Ferrellgas, L.P. and Ferrellgas Partners, L.P.						Distributor of propane and related accessories						Senior preferred units						8.96%												03/2021												64,155									64.2						64.8
												Class B units																		09/2022												95,354									15.4						19.7			(2)
																																																			79.6						84.5
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc.						Owner of natural gas facilities						First lien senior secured loan						8.76%			SOFR (Q)			3.50%						09/2023						09/2028									0.1						0.1						0.1			(2)(6)
												Class A common stock																		07/2022												3,059,533									23.3						11.2			(6)(18)
																																																			23.4						11.3
PosiGen, Inc.						Seller and leaser of solar power systems for residential and commercial customers						Warrant to purchase shares of series D-1 preferred stock																		06/2021						06/2028						7,616									—						—			(2)
												Warrant to purchase shares of common stock																		01/2020						01/2027						5,560									—						—			(2)
																																																			—						—
Potomac Intermediate Holdings II LLC (5)						Gas turbine power generation facilities operator						Series A units																		11/2021												251,384,442									210.2						204.3
Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC						Residential solar energy provider						First lien senior secured loan						3.61%												10/2019						02/2055									0.1						0.1						0.1			(2)
												Senior subordinated loan						12.16% (7.92% PIK)			SOFR (Q)			6.90%						11/2019						11/2025									169.8						169.8						169.8			(2)(11)
																																																			169.9						169.9
Sunrun Luna Holdco 2021, LLC						Residential solar energy provider						Senior subordinated loan						12.00%			SOFR (Q)			6.75%						03/2022						04/2027									150.0						150.0						147.0			(2)(6)(11)
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC						Residential solar energy provider						First lien senior secured loan						3.98%												06/2019						06/2054									0.3						0.3						0.3			(2)
												Senior subordinated loan						10.00% (6.00% PIK)			SOFR (Q)			6.90%						06/2019						07/2030									80.0						80.0						78.4			(2)(11)
																																																			80.3						78.7
																																																			848.1						917.2						7.18%
Retailing and Distribution
Bamboo Purchaser, Inc.						Provider of nursery, garden, and greenhouse products						First lien senior secured loan						11.25%			SOFR (Q)			6.50%						11/2021						11/2027									17.6						17.6						16.4			(2)(11)

See accompanying notes to consolidated financial statements

43

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
BradyPlus Holdings, LLC (15)						Distributor of foodservice disposables and janitorial sanitation products						First lien senior secured loan						11.25%			SOFR (Q)			6.00%						10/2023						10/2029									128.2						128.2						128.2			(2)(11)
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15)						Provider of visual communications solutions						First lien senior secured revolving loan						10.95%			SOFR (M)			6.00%						03/2019						03/2026									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						10.95%			SOFR (M)			6.00%						03/2019						03/2026									15.4						15.4						15.4			(2)(11)
												First lien senior secured loan						10.95%			SOFR (M)			6.00%						08/2019						03/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.95%			SOFR (M)			6.00%						06/2021						03/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.95%			SOFR (M)			6.00%						01/2024						03/2026									8.1						8.1						8.1			(2)(11)
												Common units																		03/2019												600									0.6						1.8			(2)
																																																			24.9						26.1
GPM Investments, LLC and ARKO Corp.						Convenience store operator						Common stock																		12/2020												2,088,478									19.8						14.7			(18)
												Warrant to purchase common stock																		12/2020						12/2025						1,088,780									1.6						0.6			(2)(18)
																																																			21.4						15.3
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (15)						Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures						First lien senior secured revolving loan						9.61%			SOFR (M)			4.50%						11/2023						11/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.11%			SOFR (M)			6.00%						11/2023						11/2029									3.5						3.5						3.5			(2)(11)
												Limited partnership interest						8.00% PIK												11/2023												5,441,000									5.4						5.1			(2)
																																																			9.0						8.7
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC						Distributor of OEM appliance aftermarket parts						First lien senior secured loan						11.73%			SOFR (Q)			6.25%						06/2021						06/2028									0.4						0.4						0.3			(2)(11)
												First lien senior secured loan						11.73%			SOFR (Q)			6.25%						12/2021						06/2028									0.2						0.2						0.2			(2)(11)
												Class A common units																		06/2021												5,796									6.1						1.9			(2)
																																																			6.7						2.4
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (15)						Auto parts retailer						First lien senior secured revolving loan						8.14%			SOFR (M)			3.25%						05/2021						05/2026									13.5						13.5						13.5			(2)(14)
												Series A preferred stock						7.00% PIK												05/2021												68,601									86.9						86.9			(2)
												Class A-1 units																		05/2021												24,586									24.6						34.2			(2)
																																																			125.0						134.6
McKenzie Creative Brands, LLC (15)						Designer, manufacturer and distributor of hunting-related supplies						First lien senior secured revolving loan						11.70%			SOFR (M)			6.75%						09/2014						09/2025									1.4						1.4						1.4			(2)(11)
												First lien senior secured loan						11.70%			SOFR (M)			6.75%						09/2014						09/2025									84.5						84.5						84.5			(2)(8)(11)
												First lien senior secured loan						11.70%			SOFR (M)			6.75%						09/2014						09/2025									5.5						5.5						5.5			(2)(11)
																																																			91.4						91.4
Monolith Brands Group, Inc.						E-commerce platform focused on consolidating DTC branded businesses						Series A-1 preferred stock																		04/2022												701,255									15.5						—			(2)

See accompanying notes to consolidated financial statements

44

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP						Operator of retail and wholesale tree and plant nurseries						Limited partnership interests																		10/2021												21,939,152									20.8						32.5
North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC						Manufacturer of aftermarket golf cart parts and accessories						First lien senior secured loan						8.10%			SOFR (Q)			3.00%						05/2021						05/2027									27.3						27.3						21.6			(2)(11)
												Class A units																		05/2021												50,000									5.0						—
																																																			32.3						21.6
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. (15)						Distributor and marketer of personal care products						First lien senior secured loan						9.85%			SOFR (M)			5.00%						05/2024						05/2030									59.7						59.7						58.5			(2)(6)(11)
												Class B common stock						8.00% PIK												05/2024												2,215									2.2						3.8			(2)(6)
																																																			61.9						62.3
Reddy Ice LLC (15)						Packaged ice manufacturer and distributor						First lien senior secured revolving loan						12.25%			Base Rate (Q)			3.75%						04/2024						04/2029									—						—						—			(2)(13)
												First lien senior secured loan						9.99%			SOFR (Q)			4.75%						04/2024						04/2029									274.2						274.2						272.3			(2)(11)
																																																			274.2						272.3
SCIH Salt Holdings Inc. (15)						Salt and packaged ice melt manufacturer and distributor						First lien senior secured revolving loan						12.00%			SOFR (Q)			4.00%						03/2020						12/2026									0.4						0.3						0.4			(2)(11)
Trader Corporation and Project Auto Finco Corp. (15)						Digital Automotive marketplace and software solution provider to automotive industry						First lien senior secured revolving loan																		12/2022						12/2029									—						—						—			(2)(6)
												First lien senior secured loan						9.80%			CORRA (S)			5.50%						12/2022						12/2029									12.1						12.0						12.1			(2)(6)(11)
												First lien senior secured loan						9.79%			CORRA (M)			5.50%						06/2024						12/2029									5.9						5.8						5.9			(2)(6)(11)
																																																			17.8						18.0
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (15)						Producer and packager of compressed, household, and packaged salt						First lien senior secured loan						10.00%			SOFR (Q)			5.25%						07/2021						07/2028									25.3						25.3						25.3			(2)(11)
												Limited partner interests																		07/2021												0.42%									0.8						1.1			(2)
																																																			26.1						26.4
																																																			873.1						856.6						6.71%
Media and Entertainment
22 HoldCo Limited						Sports and entertainment platform						Senior subordinated loan						12.63% PIK			SONIA (S)			7.50%						08/2023						08/2033									60.9						57.9						60.9			(2)(6)(11)
3 Step Sports LLC (15)						Provider of integrated youth sports solutions						First lien senior secured loan						12.64% (1.50% PIK)			SOFR (Q)			8.00%						10/2023						10/2029									12.5						12.5						11.8			(2)(11)
Aventine Intermediate LLC & Aventine Holdings II LLC						Media and production company						First lien senior secured loan						10.70% (4.00% PIK)			SOFR (Q)			6.00%						12/2021						06/2027									10.3						10.3						9.9			(2)(11)
												Senior subordinated loan						10.25% PIK												12/2021						12/2030									45.8						45.8						37.5			(2)
																																																			56.1						47.4
Axiomatic, LLC						Premiere e-sports and video game investment platform						Class A-1 units																		05/2022												500,000									5.0						5.8

See accompanying notes to consolidated financial statements

45

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
广播音乐公司（15）						音乐版权管理公司						第一优先权高级担保贷款						10.87%			SOFR（M）			5.75%						02/2024						02/2030									21.2						21.2						21.2			(2)(11)
CFC Funding LLC						中小企业相关SPV						贷款工具单位						9.75% PIK												07/2023												16,680									18.3						18.3			(6)
CMW Parent LLC（fka Black Arrow，Inc.）						多平台媒体公司						A系列单位																		09/2015												32									—						—
Eagle Football Holdings BidCo Limited和Eagle Football Holdings Limited						多俱乐部运动平台						高级次级贷款						17.00% PIK												12/2022						12/2028									27.0						27.0						27.0			(2)(6)
												高级次级贷款						13.31% PIK			SOFR（S）			8.00%						12/2022						12/2028									50.5						50.5						49.5			(2)(6)(11)
												普通股																		09/2023												661									4.4						1.9			(2)(6)
												购买普通股股份的令状																		12/2022						11/2028						241									—						2.2			(2)(6)
												购买普通股股份的令状																		12/2022						11/2028						266									—						0.8			(2)(6)
																																																			81.9						81.4
发烧实验室公司（15）						技术主导的现场活动营销和票务平台						第一优先权高级担保循环贷款						11.00%												08/2024						11/2028									4.3						4.3						4.3			(2)
												第一优先权高级担保贷款						11.00%												05/2024						11/2028									14.0						13.1						14.0			(2)
												E-5系列可转换股票																		08/2024												217,907									0.9						1.0			(2)
																																																			18.3						19.3
全球音乐版权有限责任公司（15）						音乐版权管理公司						第一优先权高级担保贷款						10.20%			SOFR（Q）			5.50%						08/2021						08/2030									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.10%			SOFR（Q）			5.50%						04/2024						08/2030									13.6						13.6						13.6			(2)(11)
																																																			13.7						13.7
英甲排球公司						青少年排球俱乐部运营商						b序列优先股																		07/2023												194									—						—			(2)
												C系列优先股																		09/2024												50									—						—			(2)
																																																			—						—
Legends Hospitality Holding Company，LLC和ASm Buyer，Inc.（15）						优质体验服务的酒店平台提供商						第一优先权高级担保循环贷款																		08/2024						08/2030									—						—						—			(2)(13)
												第一优先权高级担保贷款						10.13%			SOFR（Q）			5.00%						08/2024						08/2031									56.8						56.8						55.6			(2)(11)
																																																			56.8						55.6
LiveBarn Inc.						业余和青少年体育赛事直播和点播广播提供商						中等优先股																		08/2023												4,902,988									17.3						20.5			(2)(6)
迈阿密贝克汉姆联队有限责任公司						美国职业足球俱乐部						甲级首选单位						9.50% PIK												09/2021												85,000									111.1						111.1
												乙类首选单位						9.50% PIK												06/2023												42,500									47.8						47.8
																																																			158.9						158.9
生产资源集团，LLC和PRG III，LLC（4）						向各种娱乐终端市场提供租赁设备、劳动力、生产管理、布景和其他产品的提供商						第一优先权高级担保贷款						17.86% (10.10% PIK）			SOFR（Q）			8.50%						08/2018						08/2029									48.3						48.3						48.3			(2)(11)
												第一优先权高级担保贷款						12.88% (3.13% PIK）			SOFR（Q）			8.13%						07/2020						08/2029									15.6						15.5						15.6			(2)(11)

See accompanying notes to consolidated financial statements

46

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
												第一优先权高级担保贷款						12.88% (3.13% PIK）			SOFR（Q）			8.13%						06/2021						08/2029									0.8						0.8						0.8			(2)(11)
												第一优先权高级担保贷款						12.88% (3.13% PIK）			SOFR（Q）			8.13%						08/2021						08/2029									7.7						7.7						7.7			(2)(11)
												第一优先权高级担保贷款						12.88% (3.13% PIK）			SOFR（Q）			8.13%						05/2024						08/2029									26.5						26.3						26.5			(2)(11)
												A类单位																		10/2020												113,617									4.9						17.5			(2)
																																																			103.5						116.4
职业斗士联盟有限责任公司和PFL MMA，Inc.						综合武术联赛						第一优先权高级担保贷款						14.00% PIK												01/2021						01/2026									21.4						20.9						21.4			(2)
												第二优先权优先担保贷款						16.00% PIK												11/2022						01/2026									0.2						0.1						0.2			(2)
												E系列优先股																		04/2022												219,035									0.7						0.7			(2)
												购买普通股股份的令状																		01/2021						01/2027						3,223,122									1.7						0.9			(2)
												购买普通股股份的令状																		11/2022						11/2029						68,787									0.2						0.2			(2)
																																																			23.6						23.4
Sandlot Action Sports，LLC						青少年体育平台						普通单位																		05/2024												3,384									—						—
风暴投资股份有限公司和马竞控股有限公司						西班牙足球俱乐部						第一优先权高级担保贷款						3.75%												06/2021						06/2029									68.7						73.6						68.7			(2)(6)
												高级次级贷款						10.00% PIK												07/2024						07/2026									32.4						31.7						32.2			(2)(6)
												A类可赎回股票																		06/2021												3,671,596									1.6						4.9			(2)(6)
												b类可赎回股份																		06/2021												3,671,595									1.6						4.9			(2)(6)
												C类可赎回股份																		06/2021												3,671,596									1.6						4.9			(2)(6)
												D类可赎回股票																		06/2021												3,671,596									1.6						4.9			(2)(6)
												E类可赎回股份																		06/2021												3,671,596									1.6						4.9			(2)(6)
												F类可赎回股票																		06/2021												3,671,596									1.6						4.9			(2)(6)
												G类可赎回股份																		06/2021												3,671,596									1.6						4.9			(2)(6)
												H类可赎回股份																		06/2021												3,671,596									1.6						4.9			(2)(6)
												一类可赎回股票																		06/2021												3,671,596									1.6						4.9			(2)(6)
												普通股																		06/2021												4,407									—						0.2			(2)(6)
																																																			119.7						145.2
教学公司控股公司						教育出版物提供商						优先股																		09/2006												10,663									1.1						2.5			(2)
												普通股																		09/2006												15,393									—						0.2			(2)
																																																			1.1						2.7
WRE Sports Investments LLC（15）						职业体育俱乐部						第一优先权高级担保贷款						11.00% (5.50% PIK）												07/2024						07/2031									24.6						24.6						24.1			(2)

请参阅合并财务报表随附的注释

47

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ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
																																																			790.4						826.6						6.47%
资本货物
AI Aqua Merger Sub，Inc.						为广泛客户群提供端到端水解决方案提供商						第一优先权高级担保贷款						8.70%			SOFR（M）			3.50%						06/2021						07/2028									1.0						1.0						1.0			(2)(11)(18)
Airx气候解决方案公司（15）						商用空调设备和服务提供商						第一优先权高级担保贷款						11.03%			SOFR（Q）			5.75%						11/2023						11/2029									9.9						9.9						9.9			(2)(11)
												第一优先权高级担保贷款						10.25%			SOFR（S）			5.00%						07/2024						11/2029									8.0						8.0						8.0			(2)(11)
																																																			17.9						17.9
API Commercial Inc. API军事公司，和API Space Intermediate，Inc.						军用飞机售后零部件以及分销、维修和后勤服务提供商						第一优先权高级担保贷款																		05/2022						08/2025									6.6						2.4						3.0			(2)(10 )
箭头控股公司和箭头GS Holdings，Inc.						非全权委托、关键任务售后更换零件的分销商						第一优先权高级担保贷款						10.46% (2.75% PIK）			SOFR（Q）			5.25%						08/2021						08/2028									0.1						0.1						0.1			(2)(11)
												普通股																		08/2021												5,054									5.1						—			(2)
																																																			5.2						0.1
BGIF IV Fearless Utility Services，Inc.（15）						输配电基础设施维护安装服务提供商						第一优先权高级担保循环贷款																		06/2024						06/2030									—						—						—			(2)(13)
												第一优先权高级担保贷款						10.12%			SOFR（M）			5.00%						06/2024						06/2031									35.3						35.3						35.0			(2)(11)
																																																			35.3						35.0
BlueHalo Financing Holdings，LLC、BlueHalo Global Holdings，LLC和BlueHalo，LLC（15）						为国防部和情报界提供产品和服务						第一优先权高级担保循环贷款						9.80%			SOFR（M）			4.75%						05/2022						10/2025									1.8						1.8						1.8			(2)(11)(14)
												第一优先权高级担保循环贷款						10.85%			SOFR（M）			6.00%						05/2022						10/2025									0.6						0.6						0.6			(2)(11)(14)
												第一优先权高级担保贷款						9.81%			SOFR（Q）			4.75%						05/2022						10/2025									0.2						0.2						0.2			(2)(11)
												第一优先权高级担保贷款						10.60%			SOFR（Q）			6.00%						05/2022						10/2025									0.9						0.9						0.9			(2)(11)
																																																			3.5						3.5
伯吉斯点买方公司						关键任务和不可任意支配的售后汽车、工业、能源存储和太阳能更换零件的再制造商						第一优先权高级担保贷款						10.20%			SOFR（M）			5.25%						07/2022						07/2029									21.9						20.7						20.6			(2)(11)(18)
CPIG Holdco Inc.						工程流体动力和复杂机械加工解决方案的分销商						第一优先权高级担保贷款						12.43%			SOFR（Q）			7.00%						04/2023						04/2028									14.6						14.6						14.6			(2)(11)
Cube Industrials买方公司和Cube A & D Buyer Inc.（15）						面向工业市场的泵、阀门和流体控制部件制造商						第一优先权高级担保循环贷款																		10/2023						10/2029									—						—						—			(2)(13)
												第一优先权高级担保贷款						11.25%			SOFR（Q）			6.00%						10/2023						10/2030									28.6						28.6						28.6			(2)(11)
																																																			28.6						28.6
DFS控股公司（15）						向食品服务行业提供维护、维修和运营零件、用品和设备的分销商						第一优先权高级担保贷款						10.50%			SOFR（S）			6.25%						01/2023						01/2029									2.1						2.0						2.1			(2)(11)

请参阅合并财务报表随附的注释

48

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
Dynamics NC Aerospace Holdings，LLC和Dynamics NC Investment Holdings，LP（15）						航空航天技术和设备提供商						第一优先权高级担保循环贷款						11.59%			SOFR（Q）			6.50%						12/2020						12/2027									5.0						5.0						5.0			(2)(11)
												第一优先权高级担保贷款						11.71%			SOFR（Q）			6.50%						12/2020						12/2027									25.7						25.7						25.7			(2)(11)
												普通单位																		12/2020												9,773,000									9.8						10.2
																																																			40.5						40.9
ESCP PPG Holdings，LLC（4）						向重型卡车行业分销新设备和售后零件						A-1级单位																		08/2022												96,897									2.3						1.6			(2)
												A-2类单位																		12/2016												3,500									3.5						2.4			(2)
																																																			5.8						4.0
发电机买家公司（15）						基于发电机的电力解决方案提供商						第一优先权高级担保贷款						9.22%			科拉（Q）			5.25%						07/2024						07/2030									5.2						5.1						5.1			(2)(6)(11)
GSV买方公司（15）						商业应急备用发电机的维护、维修和销售服务提供商						第一优先权高级担保贷款						10.00%			SOFR（Q）			4.75%						08/2024						08/2031									38.6						38.6						38.6			(2)(11)
Harvey Tools Company，LLC（15）						金属加工行业使用的切割工具制造商						第一优先权高级担保贷款						10.37%			SOFR（M）			5.50%						10/2021						10/2027									3.6						3.6						3.6			(2)(11)
												第一优先权高级担保贷款						10.35%			SOFR（M）			5.50%						04/2024						10/2027									79.1						79.1						79.1			(2)(11)
																																																			82.7						82.7
海狮收购控股公司						弹簧、固定件和定制部件制造商						第一优先权高级担保贷款						11.95%			SOFR（M）			7.00%						03/2023						03/2030									11.9						11.9						11.9			(2)(11)
HPCC家长公司和爱国者集装箱公司（15）						废物处理和回收设备制造商						第一优先权高级担保贷款						13.00% (7.00% PIK）												09/2024						09/2030									77.2						77.2						75.1			(2)
												普通股																		09/2024												459,208									4.4						4.4			(2)
																																																			81.6						79.5
Imagine Business Machines，LLC和Scanner Holdings Corporation（5）						高速智能文档扫描硬件和软件提供商						高级次级贷款						14.00% (7.00% PIK）												01/2017						12/2028									18.1						17.9						18.1			(2)
												A类普通股																		01/2017												48,544									13.5						49.8
																																																			31.4						67.9
凯恩收购公司和Kene Holdings，LP（15）						国家公用事业服务公司为天然气、电力和其他能源和工业终端市场提供工程和咨询服务						第一优先权高级担保贷款						10.10%			SOFR（Q）			5.25%						02/2024						02/2031									16.2						16.2						16.2			(2)(11)
												A类单位																		08/2019												4,549,000									0.5						8.6			(2)
																																																			16.7						24.8
LTG Acquisition，Inc.						大众交通市场显示、照明和乘客通信系统的设计和制造商						A类会员单位																		01/2017												5,000									5.1						—
特立独行收购公司						国防和高科技工业平台精密机械加工部件制造商						第一优先权高级担保贷款						10.85%			SOFR（Q）			6.25%						06/2021						06/2027									27.1						27.1						21.1			(2)(11)

请参阅合并财务报表随附的注释

49

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
NCWS中间体公司和NCWS Holdings LP						为公共化洗车市场提供洗车设备、零部件和用品的制造商和供应商						A-2类常用单位																		12/2020												12,296,000									12.9						20.9			(2)
渗透公用事业服务公司和派恩中间控股有限责任公司						为输电和配电基础设施提供结构完整性管理服务						第二优先权优先担保贷款						12.11%			SOFR（M）			6.75%						06/2021						06/2029									55.3						55.3						54.7			(2)(11)
Precinmac（美国）控股公司，特里马斯特制造公司和Blade Group Holdings，LP。						航空航天和国防工业高公差精密机械加工零部件和组件制造商						第一优先权高级担保贷款						10.95%			SOFR（M）			6.00%						08/2021						08/2027									11.4						11.4						11.4			(2)(6)(11)
												第一优先权高级担保贷款						10.95%			SOFR（M）			6.00%						04/2022						08/2027									3.9						3.9						3.9			(2)(6)(11)
												A类单位																		08/2021												88,420									13.4						43.0			(2)
																																																			28.7						58.3
主要买家，有限责任公司（15）						为国防/军用车辆应用提供轨道系统、驾驶室、船体、门和各种装甲部件的供应商						第一优先权高级担保循环贷款						10.33%			SOFR（M）			5.25%						05/2022						12/2026									4.3						3.9						4.3			(2)(11)
Qnspel，LLC和Connect TopCo，LP（15）						高度工程化的密封包装产品制造商						第一优先权高级担保贷款						11.83%			SOFR（Q）			6.75%						11/2022						11/2029									10.6						10.6						10.6			(2)(11)
												有限合伙权益																		11/2022												992,500									9.9						12.9			(2)
																																																			20.5						23.5
半径航空航天公司和Radius Aerospace Europe Limited（15）						航空航天工业的金属制造商						第一优先权高级担保循环贷款						11.07%			SOFR（Q）			6.00%						03/2019						03/2027									1.3						1.3						1.3			(2)(6)(11)
												第一优先权高级担保循环贷款						10.95%			索尼娅（男）			6.00%						11/2019						03/2027									2.1						2.0						2.1			(2)(6)(11)
												第一优先权高级担保贷款						10.75%			SOFR（Q）			6.00%						06/2024						03/2027									10.6						10.6						10.6			(2)(6)(11)
																																																			13.9						14.0
Radwell Parent，LLC（15）						维护、维修和操作零件分销商						第一优先权高级担保循环贷款						10.10%			SOFR（Q）			5.50%						12/2022						04/2029									0.9						0.8						0.9			(2)(11)
												第一优先权高级担保贷款						10.10%			SOFR（Q）			5.50%						12/2022						04/2029									0.1						0.1						0.1			(2)(11)
																																																			0.9						1.0
Sunk Rock Foundry Partners LP、Hatteras Electric Manufacturing Holding Company和Sigma Electric Manufacturing Corporation（15）						电气产品、输配电和一般工业市场中的金属铸件、精密机械加工零部件和子组件制造商						第一优先权高级担保循环贷款						10.70%			SOFR（M）			5.75%						10/2017						10/2025									1.3						1.3						1.3			(2)(11)(14)
												第一优先权高级担保贷款						10.70%			SOFR（M）			5.75%						04/2024						10/2025									3.8						3.8						3.8			(2)(11)
																																																			5.1						5.1
Sunvair航空航天集团公司和GB Helios Holdings，LP（15）						飞机零部件维护、维修和检修服务提供商						第一优先权高级担保贷款						9.74%			SOFR（Q）			5.00%						05/2024						05/2031									36.0						36.0						35.4			(2)(11)
												A系列常用单位																		05/2024												1,042									1.0						1.2			(2)
																																																			37.0						36.6

请参阅合并财务报表随附的注释

50

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
Two Six Labs，LLC（15）						为政府和国防合同提供信息运营、网络和数据分析产品和服务的提供商						第一优先权高级担保贷款						10.60%			SOFR（Q）			6.00%						10/2023						08/2027									8.6						8.6						8.6			(2)(11)
																																																			664.5						729.9						5.72%
耐用消费品和服装
Bowhunter Holdings，LLC						品牌射箭和弓箭配件提供商						普通单位																		04/2014												421									4.2						—
Centric Brands LLC、Centric Brands TopCo，LLC和Centric Brands LP（4）						授权和自有服装的设计师、营销人员和分销商						第一优先权高级担保贷款						10.73%			SOFR（Q）			5.50%						02/2024						08/2029									28.4						26.6						28.4			(2)(11)
												高级次级贷款						13.23% PIK			SOFR（Q）			8.00%						02/2024						02/2031									25.8						24.2						25.7			(2)(11)
												高级次级贷款						11.73%			SOFR（Q）			6.50%						02/2024						02/2031									29.3						27.4						29.3			(2)(11)
												A类LP兴趣																		02/2024												6.27%									2.9						18.9			(2)
																																																			81.1						102.3
DSA Holdings III，Inc.和DSA Holdings I，Inc.（15）						鞋类和骨科足部护理品牌						第一优先权高级担保贷款						11.20%			SOFR（M）			6.25%						11/2019						11/2025									26.3						26.3						25.8			(2)(11)
												第一优先权高级担保贷款						11.20%			SOFR（M）			6.25%						06/2021						11/2025									24.3						24.3						23.8			(2)(11)
												普通股																		11/2019												8,549									8.5						5.6			(2)
																																																			59.1						55.2
Implus Footcare，LLC						鞋类和其他配饰提供商						第一优先权高级担保贷款						12.50%			SOFR（Q）			7.75%						06/2016						07/2025									1.3						1.2						1.1			(2)(11)
												第一优先权高级担保贷款						12.51%			SOFR（Q）			7.75%						06/2017						07/2025									117.1						115.2						103.1			(2)(11)
												第一优先权高级担保贷款						12.50%			SOFR（Q）			7.75%						07/2018						07/2025									5.0						4.9						4.4			(2)(11)
																																																			121.3						108.6
约翰尼-奥公司和Johnnie-O Holdings Inc.						服装零售商						第一优先权高级担保贷款						11.73%			SOFR（Q）			6.25%						03/2022						03/2027									18.2						17.7						18.2			(2)(11)
												A系列可转换优先股																		03/2022												144,210									4.2						4.8			(2)
												购买普通股股份的令状																		03/2022						03/2032						93,577									1.5						3.1			(2)
																																																			23.4						26.1
Lew ' s Intermediate Holdings，LLC（15）						户外品牌控股公司						第一优先权高级担保循环贷款						9.42%			SOFR（M）			4.50%						02/2021						02/2026									0.4						0.4						0.3			(2)(14)
												第一优先权高级担保贷款						10.06%			SOFR（Q）			5.00%						02/2021						02/2028									1.0						1.0						0.8			(2)(11)
																																																			1.4						1.1
鹈鹕产品公司（15）						手电筒制造商						第一优先权高级担保循环贷款						8.80%			SOFR（Q）			4.00%						12/2021						12/2026									1.6						1.6						1.5			(2)(11)
												第二优先权优先担保贷款						12.62%			SOFR（Q）			7.75%						12/2021						12/2029									60.0						60.0						55.2			(2)(11)
																																																			61.6						56.7
罗林斯体育用品公司和SEN钻石基金，LP（16）						运动器材制造公司						第一优先权高级担保贷款						10.25%			SOFR（Q）			5.50%						12/2020						12/2026									48.8						48.8						48.8			(2)(11)

请参阅合并财务报表随附的注释

51

---

ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
												第一优先权高级担保贷款						10.25%			SOFR（Q）			5.50%						11/2021						12/2026									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.25%			SOFR（Q）			5.50%						02/2024						12/2026									5.7						5.7						5.7			(2)(11)
												有限合伙权益																		06/2024												10,918,656									10.9						10.9			(2)
																																																			65.5						65.5
Reef Lifestyle，LLC（15）						服装零售商						第一优先权高级担保循环贷款						15.14% (4.25% PIK）			SOFR（Q）			10.00%						10/2018						10/2027									25.5						25.5						24.7			(2)(11)(14)
												第一优先权高级担保循环贷款						15.06% (4.25% PIK）			SOFR（Q）			10.00%						07/2020						10/2027									3.6						3.6						3.5			(2)(11)(14)
												第一优先权高级担保贷款						15.06% (4.25% PIK）			SOFR（Q）			10.00%						10/2018						10/2027									21.4						21.4						20.7			(2)(11)
												第一优先权高级担保贷款						15.06% (4.25% PIK）			SOFR（Q）			10.00%						07/2020						10/2027									3.2						3.2						3.1			(2)(11)
																																																			53.7						52.0
S Toys Holdings LLC（fka The Step2 Company，LLC）（5）						玩具制造商						普通单位																		04/2011												1,116,879									—						—
												b类公用单位																		10/2014												126,278,000									—						—
												购买单位的许可证																		04/2010						12/2050						3,157,895									—						—
																																																			—						—
Shoes For Crews Global，LLC和Shoes For Crews Holdings，LLC（4）（15）						防滑鞋类制造商和分销商						第一优先权高级担保贷款						11.82%			SOFR（M）			6.50%						04/2024						07/2029									1.3						1.3						1.3			(2)(11)
												第一优先权高级担保贷款						11.82%			SOFR（M）			6.50%						06/2024						07/2029									6.6						6.6						6.6			(2)(11)
												第一优先权高级担保贷款						12.32% (5.00% PIK）			SOFR（M）			7.00%						06/2024						07/2029									3.6						3.6						3.6			(2)(11)
												A类公用单位																		06/2024												8,474									10.5						10.0			(2)
																																																			22.0						21.5
St Athena Global LLC和St Athena Global Holdings Limited（15）						品牌优质餐具的设计和制造商						第一优先权高级担保贷款						10.43%			SOFR（Q）			5.25%						06/2024						06/2030									29.7						29.7						29.3			(2)(6)(11)
												第一优先权高级担保贷款						10.20%			索尼娅（男）			5.25%						06/2024						06/2030									18.2						17.2						18.0			(2)(6)(11)
																																																			46.9						47.3
SVP-Singer Holdings Inc.和SVP-Singer Holdings LP						消费缝纫机制造商						A类公用单位																		07/2021												6,264,706									26.1						—			(2)
团队收购公司（15）						球队制服和运动服提供商						第一优先权高级担保贷款						11.46%			SOFR（M）			6.50%						01/2024						11/2029									34.7						34.0						34.0			(2)(11)
																																																			600.3						570.3						4.47%
消费品分销和零售
Balrog Acquisition，Inc.，Balrog Topco公司和Balrog Parent，LP						特种烘焙原料的制造商和分销商						第一优先权高级担保贷款						9.46%			SOFR（M）			4.50%						07/2023						09/2028									16.3						16.3						16.3			(2)(11)
												第二优先权优先担保贷款						11.96%			SOFR（M）			7.00%						09/2021						09/2029									29.5						29.5						29.5			(2)(11)
												甲级首选单位						8.00% PIK												09/2021						08/2051						5,484									7.0						11.5			(2)
												A系列优先股						11.00% PIK												09/2021						08/2051						21,921									30.7						30.8			(2)
																																																			83.5						88.1

请参阅合并财务报表随附的注释

52

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ARES Capital Corporation及其子公司

综合投资计划

截至2024年9月30日

（美元金额以百万计）

(未经审计)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
华大基因采购公司（15）						为食品和饮料终端市场定制天然清洁调味料的开发商和制造商						第一优先权高级担保循环贷款						9.06%			SOFR（Q）			4.00%						05/2024						05/2030									10.5						10.5						10.3			(2)(11)
												第一优先权高级担保贷款						10.06%			SOFR（Q）			5.00%						05/2024						05/2031									41.4						41.4						40.7			(2)(11)
																																																			51.9						51.0
BR PJk Produce，LLC（15）						特色农产品分销商						第一优先权高级担保贷款						11.73%			SOFR（Q）			6.25%						12/2023						11/2027									1.9						1.8						1.9			(2)(11)
												第一优先权高级担保贷款						11.31%			SOFR（Q）			6.25%						09/2024						11/2027									0.7						0.7						0.7			(2)(11)
																																																			2.5						2.6
City Line Distributionors LLC和City Line Investments LLC（15）						特色食品分销商						第一优先权高级担保贷款						11.04%			SOFR（M）			6.00%						08/2023						08/2028									4.4						4.4						4.4			(2)(11)
												A类单位						8.00% PIK												08/2023												4,172,852									4.5						4.5			(2)
																																																			8.9						8.9
DecoPac公司和KCAKE Holdings Inc.（15）						向店内面包店提供蛋糕装饰解决方案和产品						第一优先权高级担保循环贷款						10.35%			SOFR（M）			5.50%						05/2021						05/2030									4.6						4.6						4.6			(2)(11)
												第一优先权高级担保贷款						10.10%			SOFR（Q）			5.50%						09/2024						05/2030									171.8						171.8						171.8			(2)(11)
												普通股																		05/2021												9,599									7.4						11.5			(2)
																																																			183.8						187.9
FS Squared Holding Corp.和FS Squared，LLC（15）						现场自动售货和微型市场解决方案提供商						第一优先权高级担保循环贷款																		03/2019						03/2026									—						—						—			(2)(13)
												第一优先权高级担保贷款						10.20%			SOFR（M）			5.25%						03/2019						03/2026									0.1						0.1						0.1			(2)(11)
												A类单位																		03/2019												113,219									11.1						35.6			(2)
																																																			11.2						35.7
JWC/KI Holdings，LLC						食品服务销售和营销机构						会员单位																		11/2015												5,000									5.0						12.7			(2)
LJ周长买家公司和LJ Perimeter Co-Invest，LP（15）（16）						特色食品经销商						第一优先权高级担保贷款						11.83%			SOFR（Q）			6.50%						10/2022						10/2028									39.6						39.6						38.5			(2)(11)
												有限合伙权益																		10/2022												9,683,991									9.7						5.5			(2)
																																																			49.3						44.0
Greens Intermediate，LLC、Florida Veg Investments LLC、MRG Texas，LLC和Restaurant Produce and Services Blocker，LLC（15）						农产品分销平台						第一优先权高级担保循环贷款																		05/2023						05/2029									—						—						—			(2)(13)
												第一优先权高级担保贷款						11.46%			SOFR（M）			6.25%						05/2023						05/2029									9.7						9.7						9.7			(2)(11)
												B类有限责任公司权益																		05/2023												3.64%									9.6						7.9			(2)
																																																			19.3						17.6
皇家借款人有限责任公司和皇家父母有限责任公司（15）						新鲜农产品和乳制品分销商						第一优先权高级担保循环贷款																		07/2024						07/2030									—						—						—			(2)(13)
												第一优先权高级担保贷款						10.45%			SOFR（M）			5.25%						07/2024						07/2030									20.9						20.9						20.6			(2)(11)
												甲级首选单位						10.00% PIK												07/2024												2,255,000									2.3						2.3
																																																			23.2						22.9

See accompanying notes to consolidated financial statements

53

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
SFE Intermediate Holdco LLC						Provider of outsourced foodservice to K-12 school districts						First lien senior secured loan						10.75%			SOFR (Q)			6.00%						07/2017						07/2026									6.1						6.1						6.1			(2)(11)
												First lien senior secured loan						10.75%			SOFR (Q)			6.00%						09/2018						07/2026									9.8						9.8						9.8			(2)(11)
												First lien senior secured loan						10.75%			SOFR (Q)			6.00%						03/2022						07/2026									0.4						0.4						0.4			(2)(11)
																																																			16.3						16.3
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (15)(16)						Fresh and specialty food distributor						First lien senior secured revolving loan																		02/2023						01/2029									—						—						—			(2)(13)
												First lien senior secured loan						10.50%			SOFR (S)			6.25%						02/2023						01/2029									8.2						8.2						8.1			(2)(11)
												Common units																		01/2023												1,673,000									1.7						1.0
																																																			9.9						9.1
ZB Holdco LLC and ZB TopCo LLC (15)						Distributor of Mediterranean food and beverages						First lien senior secured revolving loan						10.30%			SOFR (Q)			5.50%						02/2022						02/2028									4.6						4.6						4.6			(2)(11)(14)
												First lien senior secured loan						10.25%			SOFR (Q)			5.50%						02/2022						02/2028									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						10.30%			SOFR (Q)			5.50%						08/2023						02/2028									8.6						8.6						8.6			(2)(11)
												First lien senior secured loan						10.29%			SOFR (Q)			5.50%						03/2024						02/2028									1.7						1.7						1.7			(2)(11)
												Series A units																		06/2023												4,699									4.0						6.6			(2)
																																																			19.1						21.7
																																																			483.9						518.5						4.06%
Energy
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC						Private oil exploration and production company						First lien senior secured loan						13.70%			SOFR (Q)			9.00%						11/2022						11/2026									46.9						46.9						47.8			(2)(11)
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (15)						Independent fuel provider in New Zealand						First lien senior secured loan						11.51%			BKBM (Q)			6.00%						05/2022						07/2027									30.9						30.5						30.9			(2)(6)(11)
												Common units																		07/2022												11,191,869									5.9						12.1			(2)(6)
																																																			36.4						43.0
Halcon Holdings, LLC						Operator of development, exploration, and production oil company						First lien senior secured loan						12.25%			SOFR (Q)			7.50%						11/2021						11/2025									8.4						8.4						8.4			(2)
HighPeak Energy, Inc.						Oil and gas exploration and production company						First lien senior secured loan						12.25%			SOFR (Q)			7.50%						09/2023						09/2026									85.0						83.5						85.0			(2)(6)(11)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC						Exploration and production company						First lien senior secured loan						13.13%			SOFR (Q)			8.25%						06/2022						06/2026									57.3						57.3						57.3			(2)(11)
												Preferred units						8.00%												06/2022												41,000									41.0						55.3
																																																			98.3						112.6
Offen, Inc.						Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives						First lien senior secured loan						9.94%			SOFR (M)			5.00%						05/2022						06/2026									0.1						0.1						0.1			(2)
VPROP Operating, LLC and V SandCo, LLC (5)						Sand-based proppant producer and distributor to the oil and natural gas industry						First lien senior secured loan						14.94%			SOFR (M)			9.50%						03/2017						11/2024									27.3						27.3						27.3			(2)(11)
												First lien senior secured loan						14.94%			SOFR (M)			9.50%						06/2020						11/2024									6.0						6.0						6.0			(2)(11)
												First lien senior secured loan						14.94%			SOFR (M)			9.50%						11/2020						11/2024									5.0						4.9						5.0			(2)(11)
												Class A units																		11/2020												347,900									32.8						50.3			(2)
																																																			71.0						88.6

See accompanying notes to consolidated financial statements

54

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			344.6						385.5						3.02%
Pharmaceuticals, Biotechnology and Life Sciences
Abzena Holdings, Inc. and Astro Group Holdings Ltd.						Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries						A ordinary shares																		05/2021												2,476,744									5.7						4.2			(2)(6)
ADMA Biologics Inc.						Biopharmaceutical company						First lien senior secured loan						11.36%			SOFR (Q)			6.50%						12/2023						12/2027									6.5						6.4						6.5			(2)(6)(11)
Alcami Corporation and ACM Note Holdings, LLC (15)						Outsourced drug development services provider						First lien senior secured loan						12.21%			SOFR (Q)			7.00%						12/2022						12/2028									10.0						10.0						10.0			(2)(11)
												Senior subordinated loan						10.00% PIK												12/2022						06/2029									21.0						21.0						21.0			(2)
																																																			31.0						31.0
Athyrium Buffalo LP						Biotechnology company engaging in the development, manufacture, and commercialization of novel neuromodulators						Limited partnership interests																		06/2022												7,628,966									7.6						7.6			(2)(6)
												Limited partnership interests																		08/2023												3,756,395									3.8						3.8			(2)(6)
																																																			11.4						11.4
Bamboo US BidCo LLC (15)						Biopharmaceutical company						First lien senior secured loan						12.00% (3.38% PIK)			SOFR (Q)			6.75%						09/2023						09/2030									31.8						31.8						31.8			(2)(11)
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (15)						Provider of biological products to life science and pharmaceutical companies						First lien senior secured revolving loan						10.35%			SOFR (M)			5.50%						10/2021						10/2027									0.7						0.7						0.7			(2)(11)
												First lien senior secured loan						10.35%			SOFR (M)			5.50%						10/2021						10/2028									31.2						31.2						31.2			(2)(11)
												First lien senior secured loan						10.35%			SOFR (M)			5.50%						06/2023						10/2028									11.5						11.5						11.5			(2)(11)
												First lien senior secured loan						10.35%			SOFR (M)			5.50%						08/2024						10/2028									7.0						7.0						7.0			(2)(11)
												Preferred units						8.00% PIK												10/2021						10/2051						3,020									3.8						3.9			(2)
												Series A preferred shares						13.75% PIK												10/2021												60,236									90.9						93.1			(2)
												Class A common units																		10/2021												30,500									—						—			(2)
																																																			145.1						147.4
NMC Skincare Intermediate Holdings II, LLC (15)						Developer, manufacturer and marketer of skincare products						First lien senior secured revolving loan						11.24% (1.00% PIK)			SOFR (M)			6.00%						10/2018						11/2026									5.3						5.3						4.8			(2)(11)
												First lien senior secured revolving loan						10.95% (1.00% PIK)			SOFR (M)			6.00%						05/2022						11/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.26% (1.00% PIK)			SOFR (M)			6.00%						10/2018						11/2026									30.5						30.5						28.1			(2)(11)
												First lien senior secured loan						11.26% (1.00% PIK)			SOFR (M)			6.00%						05/2022						11/2026									4.5						4.5						4.1			(2)(11)
																																																			40.4						37.1

See accompanying notes to consolidated financial statements

55

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

公司（1）						业务描述						投资						优惠券（3）			参考文献（7）			价差（3）						收购日期						到期日						股份/单位			主要						摊余成本						公平值						净资产百分比
北美科学协会有限责任公司、Cardinal买方有限责任公司和Cardinal Topco Holdings，LP（15）						提供医疗设备研发和测试的合同研究组织						第一优先权高级担保循环贷款						9.58%			SOFR（Q）			4.50%						09/2021						03/2027									2.5						2.5						2.4			(2)(11)
												第一优先权高级担保贷款						10.84%			SOFR（Q）			5.75%						09/2020						09/2027									46.7						46.7						45.8			(2)(11)
												第一优先权高级担保贷款						10.84%			SOFR（Q）			5.75%						12/2020						09/2027									0.1						0.1						0.1			(2)(11)
												第一优先权高级担保贷款						10.84%			SOFR（Q）			5.75%						02/2021						09/2027									2.5						2.5						2.4			(2)(11)
												第一优先权高级担保贷款						10.84%			SOFR（Q）			5.75%						09/2021						09/2027									9.3						9.3						9.1			(2)(11)
												高级次级贷款						11.00% PIK												03/2023						03/2025									1.6						1.6						1.6			(2)
												甲级首选单位						8.00% PIK												09/2020												13,528									18.6						28.6			(2)
																																																			81.3						90.0
Verista公司（15）						为医疗保健行业提供合规性、自动化、验证和包装解决方案的系统咨询						第一优先权高级担保循环贷款						11.20%			SOFR（Q）			6.00%						05/2022						02/2027									0.7						0.5						0.6			(2)(11)
												第一优先权高级担保贷款						11.58% (0.50% PIK）			SOFR（Q）			6.50%						05/2022						02/2027									0.8						0.8						0.8			(2)(11)
																																																			1.3						1.4
Vertice Pharma UK Parent Limited						仿制药产品的制造商和分销商						优先股																		12/2015												40,662									—						—			(6)
WCI-BXP买方有限责任公司和WCI-BXP Investment Holdings，LP（15）						单克隆抗体制造商						第一优先权高级担保贷款						11.48%			SOFR（Q）			6.25%						11/2023						11/2030									5.0						5.0						5.0			(2)(11)
												有限合伙权益																		11/2023												1,529,000									1.5						1.5			(2)
																																																			6.5						6.5
																																																			360.9						367.3						2.88%
材料
ASP-r-pac Acquisition CO LLC和ASP-r-pac Holdings LP（15）						印刷包装和装饰品的制造商和供应商						第一优先权高级担保循环贷款						11.16%			SOFR（M）			6.00%						12/2021						12/2027									3.6						3.6						3.6			(2)(11)
												第一优先权高级担保贷款						11.52%			SOFR（Q）			6.00%						12/2021						12/2027									0.1						0.1						0.1			(2)(11)
												A类单位																		12/2021												195,990									19.6						11.3			(2)
																																																			23.3						15.0
Halex Holdings，Inc.（5）						地板安装产品制造商						普通股																		01/2017												51,853									—						—
H-Food Holdings，LLC和Matterhorn Parent，LLC						食品合同制造商						第一优先权高级担保贷款																		12/2021						05/2025									0.1						0.1						0.1			(2)(10)(18)
												第一优先权高级担保贷款																		06/2022						05/2025									25.9						24.9						19.3			(2)(10)(18)
												第一优先权高级担保贷款																		07/2022						05/2025									3.3						3.2						2.4			(2)(10)(18)
												第二优先权优先担保贷款																		11/2018						03/2026									73.0						66.1						16.0			(2)(10)
												普通单位																		11/2018												5,827									5.8						—
																																																			100.1						37.8

See accompanying notes to consolidated financial statements

56

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Meyer Laboratory, LLC and Meyer Parent, LLC (15)						Provider of industrial and institutional cleaning chemicals and application systems						First lien senior secured loan						10.10%			SOFR (M)			5.25%						02/2024						02/2030									27.1						27.1						27.1			(2)(11)
												Common units																		02/2024												440,000									0.4						0.5
																																																			27.5						27.6
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (15)						Manufacturer of thermoformed packaging for medical devices						First lien senior secured revolving loan						10.35%			SOFR (M)			5.50%						03/2024						03/2031									1.0						1.0						1.0			(2)(6)(11)
												First lien senior secured loan						10.10%			SOFR (Q)			5.50%						03/2024						03/2031									16.6						16.6						16.2			(2)(6)(11)
												First lien senior secured loan						9.22%			Euribor (Q)			5.50%						03/2024						03/2031									34.6						33.6						33.9			(2)(6)(11)
												Class A units																		07/2019												6,762,668									6.8						7.4			(2)(6)
																																																			58.0						58.5
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.						Developer and manufacturer of absorbent pads for food products						First lien senior secured loan						13.20% (1.00% PIK)			SOFR (M)			8.25%						12/2020						12/2026									22.3						22.3						20.5			(2)(11)
												First lien senior secured loan						13.20% (1.00% PIK)			SOFR (M)			8.25%						12/2022						12/2026									0.3						0.3						0.2			(2)(11)
												Class A preferred units																		12/2020												4,772									4.6						2.4			(2)
												Class C units																		12/2020												4,772									—						—			(2)
																																																			27.2						23.1
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC						Manufacturer of specialized acrylic and polycarbonate sheets						First lien senior secured loan						8.96%			SOFR (M)			4.00%						12/2018						12/2025									22.2						21.7						21.8			(2)(11)(18)
												Second lien senior secured loan						12.46%			SOFR (M)			7.25%						12/2018						12/2026									55.0						55.0						53.9			(2)(11)
												Preferred units						15.00% PIK												10/2023												841									0.1						—			(2)
												Co-Invest units																		12/2018												5,969									0.6						0.3			(2)
																																																			77.4						76.0
Precision Concepts International LLC and Precision Concepts Canada Corporation (15)						Manufacturer of diversified packaging solutions and plastic injection molded products						First lien senior secured revolving loan						10.96%			SOFR (Q)			6.25%						01/2019						01/2026									3.6						3.6						3.6			(2)(6)(11)
												First lien senior secured loan						10.95%			SOFR (Q)			6.25%						01/2019						01/2026									11.5						11.5						11.5			(2)(6)(11)
												First lien senior secured loan						10.95%			SOFR (Q)			6.25%						06/2021						01/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						10.95%			SOFR (Q)			6.25%						05/2022						01/2026									0.1						0.1						0.1			(2)(6)(11)
																																																			15.3						15.3
Reagent Chemical & Research, LLC (15)						Supplier of liquid hydrochloric acid						First lien senior secured loan						10.10%			SOFR (M)			5.25%						04/2024						04/2031									50.8						50.8						49.8			(2)(11)
SCI PH Parent, Inc.						Industrial container manufacturer, reconditioner and servicer						Series B shares																		08/2018												11									1.1						1.9			(2)
Vobev, LLC and Vobev Holdings, LLC (15)						Producer and filler of aluminum beverage cans						First lien senior secured loan																		04/2023						04/2028									63.3						62.6						33.5			(2)(10)
												First lien senior secured loan																		01/2024						04/2028									5.6						5.6						3.0			(2)(10)
												First lien senior secured loan																		05/2024						04/2028									8.3						8.0						4.4			(2)(10)
												First lien senior secured loan																		09/2024						04/2028									2.0						2.0						1.1			(2)(10)
												Warrant to purchase shares of ordinary shares																		04/2023						11/2033						4,378									—						—			(2)

See accompanying notes to consolidated financial statements

57

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Warrant to purchase units of class B units																		11/2023						04/2028						59,450									—						—			(2)
																																																			78.2						42.0
																																																			458.9						347.0						2.72%
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC						Harvester and processor of seafood						Class A units																		08/2015												77,922									0.1						—			(2)
												Warrant to purchase units of Class A units																		08/2015						08/2035						7,422,078									7.4						4.0			(2)
																																																			7.5						4.0
Berner Food & Beverage, LLC (15)						Supplier of dairy-based food and beverage products						First lien senior secured revolving loan						10.62%			SOFR (M)			5.50%						07/2021						07/2026									1.2						1.2						1.2			(2)(11)
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15)						Health food company						First lien senior secured loan						10.70%			SOFR (Q)			6.00%						12/2020						12/2025									23.5						23.5						23.5			(2)(11)
												Common units																		03/2019												14,850									11.5						31.3			(2)
																																																			35.0						54.8
CHG PPC Parent LLC & PPC CHG Blocker LLC						Diversified food products manufacturer						Common units																		12/2021												59									3.0						4.2			(2)
Demakes Borrower, LLC (15)						Value-added protein manufacturer						First lien senior secured loan						11.55%			SOFR (Q)			6.25%						12/2023						12/2029									6.2						6.2						6.2			(2)(11)
Florida Food Products, LLC						Provider of plant extracts and juices						First lien senior secured loan						9.96%			SOFR (M)			5.00%						10/2021						10/2028									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						9.85%			SOFR (M)			5.00%						06/2022						10/2028									0.4						0.4						0.4			(2)(11)
												Second lien senior secured loan						12.96%			SOFR (M)			8.00%						10/2021						10/2029									71.8						71.8						62.5			(2)(11)
																																																			72.6						63.3
Gotham Greens Holdings, PBC						Producer of vegetables and culinary herbs for restaurants and retailers						First lien senior secured loan						14.24% (2.00% PIK)			SOFR (S)			9.25%						06/2022						12/2026									37.0						37.0						37.0			(11)
												Series E-1 preferred stock						6.00% PIK												06/2022												188,605									14.2						16.1			(2)
												Warrant to purchase shares of Series E-1 preferred stock																		06/2022						06/2032						78,216									—						—			(2)
																																																			51.2						53.1
KNPC HoldCo, LLC						Producer of trail mix and mixed nut snack products						First lien senior secured loan						10.74%			SOFR (Q)			5.50%						04/2022						10/2029									5.5						5.5						5.5			(2)(11)
												First lien senior secured loan						11.99%			SOFR (Q)			6.75%						12/2022						10/2029									1.3						1.3						1.3			(2)(11)
												First lien senior secured loan						11.24%			SOFR (Q)			6.00%						11/2023						10/2029									2.7						2.7						2.7			(2)(11)
																																																			9.5						9.5
Manna Pro Products, LLC (15)						Manufacturer and supplier of specialty nutrition and care products for animals						First lien senior secured revolving loan						10.95%			SOFR (M)			6.00%						12/2020						12/2026									5.1						5.1						4.3			(2)(11)
												First lien senior secured revolving loan						13.00%			Base Rate (Q)			5.00%						12/2020						12/2026									1.7						1.7						1.4			(2)(11)
																																																			6.8						5.7
Max US Bidco Inc.						Manufacturer of premium dry dog food						First lien senior secured loan						9.85%			SOFR (M)			5.00%						10/2023						10/2030									1.0						0.9						0.9			(2)(18)
RB Holdings InterCo, LLC (15)						Manufacturer of pet food and treats						First lien senior secured revolving loan						10.39%			SOFR (Q)			5.00%						05/2022						05/2028									1.4						1.4						1.4			(2)(11)

See accompanying notes to consolidated financial statements

58

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						10.21%			SOFR (Q)			5.00%						05/2022						05/2028									11.3						11.3						10.9			(2)(11)
																																																			12.7						12.3
Sugar PPC Buyer LLC (15)						Manufacturer and distributor of food products						First lien senior secured loan						10.37%			SOFR (M)			5.25%						10/2023						10/2030									15.8						15.8						15.8			(2)(11)
Teasdale Foods, Inc. and Familia Group Holdings Inc.						Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels						First lien senior secured loan						12.65% (1.00% PIK)			SOFR (Q)			7.25%						12/2020						12/2025									75.9						75.9						72.9			(2)(11)
												Warrant to purchase shares of common stock																		02/2019						02/2034						57,827									—						—			(2)
																																																			75.9						72.9
Triton Water Holdings, Inc.						Producer and provider of bottled water brands						First lien senior secured loan						8.12%			SOFR (Q)			3.25%						03/2021						03/2028									1.0						1.0						1.0			(2)(11)(18)
												Senior subordinated loan						6.25%												03/2021						04/2029									0.1						0.1						0.1			(2)(18)
																																																			1.1						1.1
Watermill Express, LLC and Watermill Express Holdings, LLC (15)						Owner and operator of self-service water and ice stations						First lien senior secured revolving loan						10.96%			SOFR (Q)			5.75%						04/2021						07/2029									0.2						0.2						0.2			(2)(11)(14)
												First lien senior secured loan						10.50%			SOFR (Q)			5.75%						04/2021						07/2029									20.7						20.7						20.7			(2)(11)
												First lien senior secured loan						10.53%			SOFR (Q)			5.75%						01/2024						07/2029									5.6						5.6						5.6			(2)(11)
												First lien senior secured loan						9.75%			SOFR (Q)			5.00%						08/2024						07/2029									0.9						0.9						0.9			(2)(11)
												Class A units						8.00% PIK												04/2021												282,200									3.0						5.4
																																																			30.4						32.8
																																																			329.8						337.8						2.65%
Automobiles and Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC						Provider of replacement wireless keys for automotive market						First lien senior secured loan						11.25%			SOFR (Q)			6.50%						12/2021						11/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			6.50%						12/2022						11/2025									4.8						4.8						4.6			(2)(11)
												Preferred units																		11/2020												4,113,113									5.1						1.1			(2)
												Preferred units																		11/2020												1,095,046									1.1						0.3			(2)
												Class A common units																		11/2020												5,208,159									—						—			(2)
																																																			11.1						6.1
Collision SP Subco, LLC (15)						Provider of auto body collision repair services						First lien senior secured revolving loan						10.75%			SOFR (Q)			5.50%						01/2024						01/2030									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.69%			SOFR (Q)			5.50%						01/2024						01/2030									6.3						6.3						6.3			(2)(11)
																																																			6.4						6.4
Continental Acquisition Holdings, Inc.						Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets						First lien senior secured loan						7.68%			SOFR (Q)			2.93%						01/2021						01/2027									37.4						37.0						29.2			(2)(11)
												First lien senior secured loan						7.68%			SOFR (Q)			2.93%						12/2021						01/2027									5.6						5.5						4.3			(2)(11)
																																																			42.5						33.5
Eckler Purchaser LLC (5)						Restoration parts and accessories provider for classic automobiles						Class A common units																		07/2012												67,972									—						—			(2)

See accompanying notes to consolidated financial statements

59

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Faraday Buyer, LLC (15)						Manufacturer and supplier for the power utility and automotive markets worldwide						First lien senior secured loan						10.60%			SOFR (Q)			6.00%						10/2022						10/2028									55.0						55.0						55.0			(2)(11)
												First lien senior secured loan						10.60%			SOFR (Q)			6.00%						11/2023						10/2028									7.8						7.8						7.8			(2)(11)
																																																			62.8						62.8
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc.						Electric vehicle manufacturer						Warrant to purchase shares of Class A common stock																		08/2021						08/2027						27,824,527									2.3						—			(2)
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (15)						Manufacturer and distributor of automotive fluids						First lien senior secured revolving loan																		11/2020						08/2027									—						—						—			(2)(13)
												Second lien senior secured loan						12.34%			SOFR (Q)			7.25%						11/2020						11/2028									70.4						70.4						70.4			(2)(11)
												Co-invest units																		11/2020												59,230									5.9						8.6			(2)
																																																			76.3						79.0
New ChurcHill HoldCo LLC and Victory Topco, LP (15)						Operator of collision repair centers						First lien senior secured loan						10.11%			SOFR (Q)			5.50%						11/2023						11/2029									14.0						14.0						14.0			(2)(11)
												Class A-2 common units																		11/2023												20,170									2.0						3.2			(2)
																																																			16.0						17.2
Sun Acquirer Corp. and Sun TopCo, LP (15)						Automotive parts and repair services retailer						First lien senior secured revolving loan																		09/2021						09/2027									—						—						—			(2)(13)
												First lien senior secured loan						10.71%			SOFR (M)			5.75%						09/2021						09/2028									20.0						20.0						20.0			(2)(11)
												First lien senior secured loan						10.71%			SOFR (M)			5.75%						11/2021						09/2028									5.2						5.2						5.2			(2)(11)
												First lien senior secured loan						10.71%			SOFR (M)			5.75%						06/2022						09/2028									1.9						1.9						1.9			(2)(11)
												Class A units																		09/2021												79,688									8.0						9.8			(2)
																																																			35.1						36.9
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC (15)						Provider of global transportation safety and productivity applications						First lien senior secured revolving loan						10.85%			SOFR (Q)			5.75%						02/2024						02/2030									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.86%			SOFR (Q)			5.75%						02/2024						02/2031									81.1						81.1						81.1			(2)(11)
												Class A common units																		02/2024												2,501									6.2						6.2
																																																			87.4						87.4
																																																			339.9						329.3						2.58%
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (15)						Provider of personal care appliances						First lien senior secured loan						11.20% (0.50% PIK)			SOFR (M)			6.25%						12/2021						12/2027									3.7						3.7						3.5			(2)(11)
												Common stock																		12/2021												6,149									6.1						3.1			(2)
																																																			9.8						6.6
Foundation Consumer Brands, LLC						Pharmaceutical holding company of over the counter brands						First lien senior secured loan						11.50%			SOFR (Q)			6.25%						02/2021						02/2027									12.9						12.8						12.9			(2)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.25%						06/2023						02/2027									0.2						0.2						0.2			(2)(11)
																																																			13.0						13.1

See accompanying notes to consolidated financial statements

60

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P.						Provider of intimate wellness products						First lien senior secured loan						11.35%			SOFR (Q)			6.75%						11/2022						11/2028									18.3						18.3						18.3			(2)(6)(11)
												First lien senior secured loan						11.10%			SOFR (Q)			6.50%						12/2023						11/2028									8.9						8.8						8.9			(2)(6)(11)
												Preferred units						8.00% PIK												11/2022												3,178									3.7						3.7			(2)(6)
												Class B common units																		11/2022												32,105									—						0.9			(2)(6)
																																																			30.8						31.8
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (15)						Manufacturer and supplier of natural fragrance materials and cosmeceuticals						First lien senior secured revolving loan						11.95%			SOFR (M)			7.00%						08/2021						08/2027									1.2						1.2						1.1			(2)(11)
												First lien senior secured loan						11.95% (3.50% PIK)			SOFR (M)			7.00%						08/2021						08/2027									27.8						27.8						25.9			(2)(11)
												Limited partner interests																		08/2021												3.61%									5.0						2.6			(2)
																																																			34.0						29.6
RD Holdco Inc. (5)						Manufacturer and marketer of carpet cleaning machines						Senior subordinated loan																		01/2017						10/2026									31.4						22.0						13.7			(2)(10)
												Senior subordinated loan																		04/2023						10/2026									1.1						0.9						0.5			(2)(10)
												Common stock																		01/2017												458,596									14.0						—
																																																			36.9						14.2
Silk Holdings III Corp. and Silk Holdings I Corp. (15)						Producer of personal care products						First lien senior secured revolving loan						9.26%			SOFR (S)			4.00%						05/2023						05/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.76%			SOFR (S)			5.50%						05/2023						05/2029									5.4						5.4						5.4			(2)(11)
												First lien senior secured loan						10.76%			SOFR (S)			5.50%						05/2024						05/2029									56.0						56.0						56.0			(2)(11)
												Common stock																		05/2023												14,199									14.2						38.5			(2)
																																																			75.7						100.0
Walnut Parent, Inc.						Manufacturer of natural solution pest and animal control products						First lien senior secured loan						10.45%			SOFR (M)			5.50%						11/2020						11/2027									14.3						14.3						13.9			(2)(11)
												First lien senior secured loan						10.45%			SOFR (M)			5.50%						04/2022						11/2027									0.1						0.1						0.1			(2)(11)
																																																			14.4						14.0
																																																			214.6						209.3						1.64%
Technology Hardware and Equipment
Chariot Buyer LLC (15)						Provider of smart access solutions across residential and commercial properties						First lien senior secured loan						8.35%			SOFR (M)			3.50%						01/2024						11/2028									0.1						0.1						0.1			(2)(11)(18)
Everspin Technologies, Inc.						Designer and manufacturer of computer memory solutions						Warrant to purchase shares of common stock																		10/2016						10/2026						18,461									0.4						—
Excelitas Technologies Corp. (15)						Provider of photonic solutions						First lien senior secured loan						9.85%			SOFR (Q)			5.25%						05/2024						08/2029									27.1						27.1						27.1			(2)(11)
ITI Holdings, Inc. (15)						Provider of innovative software and equipment for motor vehicle agencies						First lien senior secured revolving loan						10.45%			SOFR (M)			5.50%						03/2022						03/2028									2.6						2.6						2.6			(2)(11)
												First lien senior secured revolving loan						12.50%			Base Rate (Q)			4.50%						03/2022						03/2028									1.7						1.7						1.7			(2)(11)
												First lien senior secured loan						10.58%			SOFR (Q)			5.50%						03/2022						03/2028									34.4						34.4						34.4			(2)(11)

See accompanying notes to consolidated financial statements

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			38.7						38.7
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. (15)						Provider of analytical instrumentation and testing equipment and services						First lien senior secured loan						9.92%			SOFR (M)			5.00%						03/2023						03/2029									17.3						17.3						17.3			(2)(11)
												First lien senior secured loan						9.92%			SOFR (M)			5.00%						10/2023						03/2029									2.8						2.8						2.8			(2)(11)
												First lien senior secured loan						9.85%			SOFR (M)			5.00%						05/2024						03/2029									3.2						3.2						3.2			(2)(11)
												Class A-2 units																		01/2022												34,832									4.8						5.2
												Limited partnership interests																		03/2023												0.55%									9.9						14.8			(2)
																																																			38.0						43.3
Repairify, Inc. and Repairify Holdings, LLC (15)						Provider of automotive diagnostics scans and solutions						First lien senior secured revolving loan						10.31%			SOFR (S)			5.00%						06/2021						06/2027									7.3						7.3						7.3			(2)(11)
												Class A common units																		06/2021												163,820									4.9						3.7			(2)
																																																			12.2						11.0
Wildcat BuyerCo, Inc. and Wildcat Parent, LP (15)						Provider and supplier of electrical components for commercial and industrial applications						First lien senior secured revolving loan																		02/2020						02/2027									—						—						—			(2)(13)
												First lien senior secured loan						10.60%			SOFR (M)			5.75%						02/2020						02/2027									18.4						18.4						18.4			(2)(11)
												First lien senior secured loan						10.60%			SOFR (M)			5.75%						11/2021						02/2027									2.5						2.5						2.5			(2)(11)
												First lien senior secured loan						10.60%			SOFR (M)			5.75%						05/2022						02/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						10.60%			SOFR (M)			5.75%						11/2023						02/2027									5.4						5.4						5.4			(2)(11)
												Limited partnership interests																		02/2020												17,655									1.5						5.6			(2)
																																																			28.0						32.1
																																																			144.5						152.3						1.19%
Transportation
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc.						Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets						First lien senior secured loan						10.35%			SOFR (M)			5.50%						06/2021						07/2030									31.5						31.5						31.5			(2)(11)
												First lien senior secured loan						10.35%			SOFR (M)			5.50%						06/2022						07/2030									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						10.35%			SOFR (M)			5.50%						03/2023						07/2030									6.1						6.1						6.1			(2)(11)
												First lien senior secured loan						10.35%			SOFR (M)			5.50%						05/2024						07/2030									12.7						12.7						12.7			(2)(11)
												First lien senior secured loan						10.60%			SOFR (S)			5.50%						08/2024						07/2030									5.4						5.4						5.4			(2)(11)
												Common stock																		06/2021												75,990									7.6						19.8			(2)
																																																			63.8						76.0
																																																			63.8						76.0						0.60%
Education
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15)						Distributor of instructional products, services and resources						First lien senior secured revolving loan						10.46%			SOFR (M)			5.50%						08/2018						04/2026									5.5						5.5						5.5			(2)(11)(14)
												First lien senior secured loan						10.37%			SOFR (Q)			5.50%						07/2017						04/2026									29.1						29.1						29.1			(2)(11)

See accompanying notes to consolidated financial statements

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						10.37%			SOFR (Q)			5.50%						08/2018						04/2026									1.1						1.1						1.1			(2)(11)
												First lien senior secured loan						10.37%			SOFR (Q)			5.50%						06/2024						04/2026									7.5						7.5						7.5			(2)(11)
												Series A preferred stock																		10/2014												1,272									0.7						1.3			(2)
																																																			43.9						44.5
																																																			43.9						44.5						0.35%
Real Estate Management and Development
OPH NEP Investment, LLC (4)						Provider of energy services for multi-family property owners, developers, and managers						Senior subordinated loan						10.00% (7.00% PIK)												05/2024						05/2032									29.8						28.4						29.1			(2)
												Class B common units																		05/2024												7									1.5						1.9
																																																			29.9						31.0
																																																			29.9						31.0						0.24%
Total Investments																																																			$	25,572.5					$	25,918.2		(19)			202.94%

See accompanying notes to consolidated financial statements

63

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Derivative Instruments

Foreign currency forward contracts

Description			Notional Amount to be Purchased						Notional Amount to be Sold						Counterparty			Settlement Date			Unrealized Appreciation / (Depreciation)
Foreign currency forward contract			$			170			€			156			Canadian Imperial Bank of Commerce			October 25, 2024			$	(4)
Foreign currency forward contract			$			113			CAD			155			Canadian Imperial Bank of Commerce			October 25, 2024			(2)
Foreign currency forward contract			$			113			CAD			153			Royal Bank of Canada			October 18, 2024			(1)
Foreign currency forward contract			$			103			€			94			Royal Bank of Canada			October 25, 2024			(2)
Foreign currency forward contract			$			76			£			59			Royal Bank of Canada			October 25, 2024			(3)
Foreign currency forward contract			$			75			£			61			Royal Bank of Canada			August 21, 2026			(3)
Foreign currency forward contract			$			74			£			57			Canadian Imperial Bank of Commerce			October 25, 2024			(3)
Foreign currency forward contract			$			39			NZD			66			Royal Bank of Canada			October 25, 2024			(3)
Foreign currency forward contract			$			39			CAD			53			Royal Bank of Canada			October 25, 2024			(1)
Foreign currency forward contract			$			14			AUD			21			Canadian Imperial Bank of Commerce			November 17, 2026			—
Foreign currency forward contract			$			11			£			9			Canadian Imperial Bank of Commerce			August 21, 2026			—
Foreign currency forward contract			$			6			NOK			63			Canadian Imperial Bank of Commerce			October 25, 2024			—
Foreign currency forward contract			$			4			£			3			Royal Bank of Canada			August 21, 2026			—
Total																					$	(22)

Interest rate swaps

Description			Hedged Item			Company Receives			Company Pays			Counterparty			Maturity Date			Notional Amount			Fair Value			Upfront Payments/Receipts			Change in Unrealized Appreciation / (Depreciation)
Interest rate swap			January 2027 Notes			7.000		%	SOFR +2.581%			Wells Fargo Bank, N.A.			01/15/2027			$	900		$	18		$	—		$	18
Interest rate swap			March 2029 Notes			5.875		%	SOFR +2.023%			Wells Fargo Bank, N.A.			03/01/2029			1,000			22			—			22
Interest rate swap			July 2029 Notes			5.950		%	SOFR +1.643%			Wells Fargo Bank, N.A.			07/15/2029			850			37			—			37
Total																		$	2,750		$	77		$	—		$	77

______________________________________________

(1)Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of September 30, 2024 represented 203% of the Company’s net assets or 96% of the Company’s total assets, are subject to legal restrictions on sales.

(2)These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and debt securitization and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities and debt securitization (see Note 5).

(3)Investments without an interest rate are non-income producing.

See accompanying notes to consolidated financial statements

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(4)As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2024 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

For the Nine Months Ended September 30, 2024																																																												As of September 30, 2024
(in millions) Company						Purchases (cost)						Redemptions (cost)						Sales (cost)						Interest income						Capital structuring service fees						Dividend income						Other income						Net realized gains (losses)						Net  unrealized gains (losses)						Fair Value
Apex Clean Energy TopCo, LLC						$	3.2					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	30.4					$	221.5
APG Intermediate Holdings Corporation and APG Holdings, LLC						—						0.1						—						1.0						—						—						—						—						(5.0)						18.6
Bragg Live Food Products, LLC and SPC Investment Co., L.P.						—						3.1						—						2.1						—						—						0.1						—						14.0						54.8
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.						—						—						—						6.5						—						—						0.1						—						21.2						102.3
Daylight Beta Parent LLC and CFCo, LLC						—						—						—						—						—						—						—						—						(9.7)						2.5
ESCP PPG Holdings, LLC						—						—						—						—						—						—						—						—						(0.4)						4.0
European Capital UK SME Debt LP						—						—						—						—						—						1.3						—						—						0.6						16.9
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP						49.2						—						—						0.8						0.7						—						—						—						(0.8)						48.7
OPH NEP Investment, LLC						29.0						—						—						1.3						0.8						—						—						—						1.0						31.0
PCG-Ares Sidecar Investment, L.P.						—						—						—						—						—						—						—						—						(0.1)						0.7
PCG-Ares Sidecar Investment II, L.P.						—						—						—						—						—						0.1						—						—						4.9						23.1
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC						8.7						—						—						0.5						—						—						—						—						—						54.7
Production Resource Group, L.L.C. and PRG III, LLC						26.1						1.9						—						10.5						1.2						—						1.5						—						(28.3)						116.4
Shoes For crews Global, LLC and Shoes for crews Holdings, LLC						—						—						—						0.4						—						—						—						—						(0.4)						21.5
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.						—						3.8						6.0						0.2						—						—						—						(6.0)						6.1						—
						$	116.2					$	8.9					$	6.0					$	23.3					$	2.7					$	1.4					$	1.7					$	(6.0)					$	33.5					$	716.7

See accompanying notes to consolidated financial statements

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(5)As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2024 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

截至2024年9月30日的九个月																																																												截至2024年9月30日
(in数百万） 公司						购买（成本）						赎回（成本）						销售额（成本）						利息收入						资本 结构服务费						股息收入						其他收入						已实现净收益（损失）						净 未实现收益（损失）						公平值
Absolute Dental Group LLC和Absolute Dental Equity，LLC						$	24.7					$	23.6					$	3.9					$	7.4					$	—					$	—					$	0.1					$	(3.8)					$	(7.5)					$	67.9
ACAS股权控股公司						—						—						—						—						—						—						—						—						—						0.4
ADF Capital，Inc. ADF Restaurant Group，LLC和ARG Restaurant Holdings，Inc.						—						—						—						—						—						—						—						—						—						—
ADG，LLC、GEDC Equity，LLC和RC IV GEDC Investor LLC						4.0						—						—						3.8						—						—						0.1						—						(16.2)						56.5
CoLT 2005-1 Ltd.						—						—						—						—						—						—						—						—						—						—
埃克勒工业公司和Eckler买方有限责任公司						—						—						—						—						—						—						—						—						—						—
Halex Holdings，Inc.						—						—						—						—						—						—						—						—						—						—
HCI Equity，LLC						—						—						—						—						—						—						—						—						—						—
Heelstone Renewable Energy，LLC和Heelstone Renewable Energy Investors，LLC						—						91.0						80.8						3.5						—						—						—						146.3						(114.3)						—
Imagine Business Machines，LLC和Scanner Holdings Corporation						—						—						—						1.9						—						—						0.3						—						1.5						67.9
Ivy Hill Asset Management，LP						304.2						338.2						—						1.5						—						204.0						—						—						1.6						1,954.2
奥林匹亚收购公司，奥林匹亚托普公司，LP，和Asclepius Holdings LLC						—						0.3						—						0.5						—						—						0.1						(0.3)						(2.6)						40.5
波托马克中间控股II LLC						24.5						—						—						—						—						—						—						—						97.4						204.3
PS运营公司LLC和PS Op Holdings LLC						2.5						2.3						—						0.2						—						—						0.1						—						(12.1)						10.2
RD Holdco Inc.						—						—						—						—						—						—						—						—						0.3						14.2
S Toys Holdings LLC（fka The Step2 Company，LLC）						—						—						—						—						—						—						—						—						0.6						—
高级直接贷款计划有限责任公司						152.1						236.8						—						131.4						5.5						—						3.3						—						(44.1)						1,159.2
Starec Equity，LLC						—						—						—						—						—						—						—						—						—						—
SHO Holding I Corporation、Shoes For Crews（Europe）Limited和Never Slip TopCo，Inc.						1.2						118.5						—						(1.0)						0.1						—						—						(118.7)						87.8						—
视觉边缘技术公司						—						0.2						—						3.6						—						3.8						0.1						—						(3.1)						78.7
VPROP Operating，LLC和V SandCo，LLC						—						—						—						4.4						—						—						—						—						(10.8)						88.6
						$	513.2					$	810.9					$	84.7					$	157.2					$	5.6					$	207.8					$	4.1					$	23.5					$	(21.5)					$	3,742.6

______________________________________________________________________

* 该公司与Varagon Capital Partners（“Varagon”）及其客户一起通过高级直接贷款计划LLC（d/b/a“高级直接贷款计划”或“SDLP”）共同投资。SDLP已在交易完成后资本化，所有投资组合决策以及有关SDLP的所有其他决策都必须得到SDLP投资委员会的批准，该委员会由公司和Varagon的代表组成（并得到双方所需代表的批准）;因此，尽管公司拥有超过 25%的SDLP有投票权证券，公司不相信其对SDLP拥有控制权（就投资公司法或其他目的而言），因为除其他外，这些“有投票权证券”不赋予公司选举SDLP董事的权利或任何其他特殊权利（见注4）。

请参阅合并财务报表随附的注释

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(6)该投资组合公司不是《投资公司法》第55（a）条规定的合格资产。根据《投资公司法》，公司不得收购任何非合格资产，除非在收购时，合格资产至少占公司总资产的70%。根据《投资公司法》第55（a）条， 23截至2024年9月30日，公司总资产的%是按公允价值计算的投资和被视为“非合格资产”的其他资产。

(7)向公司投资组合公司提供的可变利率贷款的利率可参考担保隔夜融资利率（“SOFR”）或替代基本利率（通常基于联邦基金利率或最优惠利率）确定，由借款人自行选择，每年重置一次（A）、每半年重置一次（S）、每季度重置一次（Q）、每两个月重置一次（B）、每月重置一次（M）或每日重置一次（D）。对于每笔此类贷款，公司已提供了呈列日期的有效利率。基于SOFR的合同可能包括信用利差调整，该调整是在基本利率和规定利差之外收取的。

(8)除了根据该证券的规定利率赚取的利息外，公司还有权获得的额外利息金额 2.00%美元39.0 投资组合公司优先期限债务的“先出”部分的本金总额，该部分之前由公司辛迪加分为“先出”和“最后出”部分，因此，在本金、利息和任何其他到期金额的支付方面，“先出”部分将比“最后出”部分拥有优先权。

(9)该公司出售了约美元的参与权益34.0 投资组合公司第一个优先权优先担保循环贷款的未偿本金总额。由于根据美国公认会计原则（“GAAP”），该交易不符合“真实销售”资格，因此该公司记录了相应的美元。34.0 按公允价值计算的有担保借款，包括在随附综合资产负债表中的“有担保借款”中。截至2024年9月30日，担保借款的有效利率为 12.80%.

(10)截至2024年9月30日，贷款处于非应计状态。

(11)贷款包括利率下限功能。

(12)除了根据该证券规定的合同利率赚取的利息外，这些证书还使其持有人有权从SDLP贷款组合中获得一部分超额现金流（扣除费用），这可能会导致公司的回报高于合同规定的利率。

(13)截至2024年9月30日，公司没有在该第一优先权优先担保循环贷款下提供任何资金;然而，该贷款下有通过金融中介机构签发和未偿还的信用证。有关与某些投资组合公司相关的信用证承诺的更多信息，请参阅注7。

(14)截至2024年9月30日，除了公司在该第一优先权优先担保循环贷款下资助的金额外，该贷款下还有通过金融中介机构签发和未偿还的信用证。有关与某些投资组合公司相关的信用证承诺的更多信息，请参阅注7。

(15)截至2024年9月30日，该公司已承诺为各种循环和延期提取高级担保和次级贷款提供资金，包括承诺通过金融中介机构代表某些投资组合公司签发信用证。此类承诺须满足管理这些贷款和信用证的文件中规定的某些条件，并且无法保证这些条件将得到满足。有关与某些投资组合公司相关的循环和延迟提取贷款承诺（包括签发信用证的承诺）的更多信息，请参阅注7。

请参阅合并财务报表随附的注释

67

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(in数百万） 投资组合公司			循环和延期提取贷款承诺总额			减：资金承诺			无资金承付款总额			减：公司重大酌情决定的承诺			减：由于借款基础或其他契约限制而不可用的承诺			无资金循环和延迟提取承付款净总额
3步体育有限责任公司			10.4			—			10.4			—			(10.0)			0.4
Absolute Dental Group LLC和Absolute Dental Equity，LLC			15.4			(11.4)			4.0			—			—			4.0
加入风险管理集团公司和RSC保险经纪公司			17.1			—			17.1			—			—			17.1
Appoations Plus Technology LLC和Appoations Plus Technology Holdings LLC			4.1			—			4.1			—			—			4.1
Actfy Buyer，Inc.			24.8			—			24.8			—			—			24.8
Activate Holdings（US）Corp.和CrossPoint Capital AS SPV，LP			3.6			—			3.6			—			—			3.6
ADG，LLC、GEDC Equity，LLC和RC IV GEDC Investor LLC			16.0			—			16.0			—			—			16.0
ADMA生物制品公司			—			—			—			—			—			—
Aduro Advisors，LLC			7.4			—			7.4			—			—			7.4
Advarra Holdings，Inc			0.4			—			0.4			—			—			0.4
AI Fire Buyer，Inc.和AI Fire Parent LLC			9.9			(1.5)			8.4			—			—			8.4
人工智能泰坦母公司			18.5			—			18.5			—			—			18.5
Airx气候解决方案公司			11.5			—			11.5			—			—			11.5
Alcami Corporation和ACm Note Holdings，LLC			1.9			—			1.9			—			—			1.9
奥尔丁格公司			6.0			—			6.0			—			—			6.0
阿莱拉集团公司			8.4			—			8.4			—			—			8.4
美国住宅服务有限责任公司和阿拉贡母公司控股有限公司			10.0			—			10.0			—			—			10.0
Amerivet Partners Management，Inc.和AVE Holdings LP			6.3			—			6.3			—			—			6.3
阿纳普兰公司			1.4			—			1.4			—			—			1.4
阿纳夸母控股公司& Astorg VII共同投资阿纳夸			55.4			—			55.4			—			—			55.4
Apex Service Partners，LLC和Apex Service Partners Holdings，LLC			75.4			(4.1)			71.3			—			—			71.3
APL中间控股公司和APL控股有限责任公司			0.1			—			0.1			—			—			0.1
应用技术服务有限责任公司			9.6			(4.7)			4.9			—			—			4.9
Appriss Health，LLC和Appriss Health Intermediate Holdings，Inc.			0.1			—			0.1			—			—			0.1
阿普特安公司和Aptean Acquizer Inc.			2.1			—			2.1			—			—			2.1
AQ Sage Buyer，LLC			0.7			(0.2)			0.5			—			—			0.5
AQ Sunshine，Inc.			41.1			(0.5)			40.6			—			—			40.6
Brightbright Holdings V，LLC、Amberstone Security Group Limited、Unify Aviation North America LLC和Unify Aviation Canada，Inc.			13.0			—			13.0			—			—			13.0
Bidco，Inc.			6.9			—			6.9			—			—			6.9
Artivion公司			7.8			(0.9)			6.9			—			—			6.9
ASP-r-pac Acquisition CO LLC和ASP-r-pac Holdings LP			6.2			(3.6)			2.6			—			—			2.6
AthenaHealth Group Inc.米勒娃控股公司和BCPD Co-Invest（A），LP			9.0			—			9.0			—			—			9.0
ATI Restoration，LLC			45.4			(11.5)			33.9			—			—			33.9
阿瓦拉拉公司			2.7			—			2.7			—			—			2.7
Avalign Holdings，Inc和Avalign Technology，Inc.			5.3			—			5.3			—			—			5.3
Bamboo US BidCo LLC			12.5			—			12.5			—			—			12.5
Banyan Software Holdings，LLC和Banyan Software，LP			38.2			(1.0)			37.2			—			—			37.2
Beacon Pointe Harmony，LLC			11.2			—			11.2			—			—			11.2
灯塔健康品牌公司和CDI Holdings I Corp.			0.5			—			0.5			—			—			0.5
贝尔福控股公司			58.5			(6.2)			52.3			—			—			52.3
Benecon Midco II LLC和Benecon Holdings，LLC			8.7			(1.1)			7.6			—			—			7.6
伯纳食品与饮料有限责任公司			1.7			(1.2)			0.5			—			—			0.5
华大基因采购公司			35.3			(10.5)			24.8			—			—			24.8
BGIF IV Fearless Utility Services，Inc.			15.2			(0.2)			15.0			—			—			15.0
BlueHalo Financing Holdings，LLC、BlueHalo Global Holdings，LLC和BlueHalo，LLC			3.0			(2.7)			0.3			—			—			0.3
山猫买家有限责任公司和山猫Topco，LP			2.5			—			2.5			—			—			2.5
借款人R365 Holdings LLC			1.5			—			1.5			—			—			1.5
底部技术公司和Legal Spend Holdings，LLC			2.3			—			2.3			—			—			2.3
BR PJk Produce，LLC			2.2			—			2.2			—			—			2.2
BradyPlus Holdings，LLC			3.8			—			3.8			—			—			3.8
Bragg Live Food Products，LLC和SPC Investment Co.，L.P.			4.4			—			4.4			—			—			4.4
广播音乐公司			4.2			—			4.2			—			—			4.2
Businessolver.com，Inc.			1.5			—			1.5			—			—			1.5

请参阅合并财务报表随附的注释

68

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(in数百万） 投资组合公司			循环和延期提取贷款承付款总额			减去：资金承诺			未筹措资金的承付款总额			减去：承诺在很大程度上由公司酌情决定			减少：因借款基数或其他公约限制而无法承担的承付款			未筹措资金的周转和延期支取承付款净额
Capstone收购控股公司、Capstone物流控股公司和Capstone母公司控股公司			28.1			(11.8)			16.3			—			—			16.3
俘虏资源Midco，LLC			1.2			—			1.2			—			—			1.2
红衣主教母公司和包装软件中介控股公司。			5.0			—			5.0			—			—			5.0
自闭症及相关疾病中心			9.5			(9.5)			—			—			—			—
中央广场技术有限责任公司和Supermoose Newco，Inc.			15.8			(0.1)			15.7			—			—			15.7
战车买家有限责任公司			12.3			—			12.3			—			—			12.3
City Line分销商有限责任公司和City Line Investments LLC			2.7			—			2.7			—			—			2.7
Clarion家居服务集团和LBC Breeze Holdings LLC			1.4			(0.4)			1.0			—			—			1.0
悬崖水有限责任公司			1.0			—			1.0			—			—			1.0
Cloud Software Group，Inc.、Picard Parent，Inc.、Cloud Software Group Holdings，Inc.、Picard HoldCo，LLC和Elliott Alto Co-Investor聚合器L.P.			19.0			—			19.0			—			—			19.0
CMG HoldCo，LLC和CMG Buyer Holdings，Inc.			25.5			(1.2)			24.3			—			—			24.3
钴买家Sub，Inc.、Cobalt Holdings I，LP和Cobalt Intermediate I，Inc.			21.1			(0.7)			20.4			—			—			20.4
碰撞SP Subco，LLC			2.7			(0.1)			2.6			—			—			2.6
Compex法律服务公司			3.6			(1.8)			1.8			—			—			1.8
Comprehensive Eye Care Partners，LLC			2.0			(2.0)			—			—			—			—
计算机服务公司			38.5			—			38.5			—			—			38.5
音乐会高尔夫合作伙伴Holdco LLC			57.5			—			57.5			—			—			57.5
Consilio Midco Limited、Compusoft US LLC和Consilio Investment Holdings，LP			18.2			(10.4)			7.8			—			—			7.8
康佩国际控股有限公司和康佩国际金融有限公司			2.3			—			2.3			—			—			2.3
CoreLogic公司和t-VIII Celestial Co-Invest LP			38.9			—			38.9			—			—			38.9
科里软件公司，考利软件（美国）公司，和Couity Parent，Inc.			0.1			—			0.1			—			—			0.1
基石OnDemand，Inc.和阳光软件控股公司			38.7			(7.6)			31.1			—			—			31.1
Coupa Holdings，LLC和Coupa Software Incorporated			0.9			—			0.9			—			—			0.9
Crown Ct Parent Inc.，Crown Ct HoldCo Inc.和Crown Ct Management LLC			0.1			—			0.1			—			—			0.1
CSt控股公司			1.9			—			1.9			—			—			1.9
Cube Industrials买方公司和Cube A & D Buyer Inc.			5.1			(0.7)			4.4			—			—			4.4
Holdco，Inc. CVP和OMERS野猫投资控股有限责任公司			56.4			—			56.4			—			—			56.4
Datix Bidco Limited和RL Datix Holdings（USA），Inc.			47.1			—			47.1			—			—			47.1
DecoPac公司和KCAKE Holdings Inc.			19.9			(4.6)			15.3			—			—			15.3
Demakes借款人有限责任公司			1.8			—			1.8			—			—			1.8
Denali Holdco LLC和Denali Apexco LP			24.3			—			24.3			—			—			24.3
DFC全球融资借款人III LLC			74.5			(63.1)			11.4			—			—			11.4
DFS控股公司			0.3			—			0.3			—			—			0.3
Diligent Corporation和Diligent优先发行人公司			5.4			—			5.4			—			—			5.4
显示控股公司，索尔登控股公司和Fastsign Holdings Inc.			9.3			(0.6)			8.7			—			—			8.7
Dorado Bidco，Inc.			8.4			—			8.4			—			—			8.4
DOXA Insurance Holdings LLC和Rocket Co-Invest，SLP			15.9			—			15.9			—			—			15.9
DP Flores Holdings，LLC			11.4			—			11.4			—			—			11.4
DriveCentric Holdings，LLC			1.7			—			1.7			—			—			1.7
卓贡比多公司& Drogon Aggregator LP			14.5			—			14.5			—			—			14.5
DSA Holdings III，Inc.和DSA Holdings I，Inc.			10.8			—			10.8			—			—			10.8
Duraserv LLC			8.7			—			8.7			—			—			8.7
Dynamics NC Aerospace Holdings，LLC和Dynamics NC Investment Holdings，LP			9.6			(5.0)			4.6			—			—			4.6
Echo买方公司			3.9			(0.1)			3.8			—			—			3.8
日食Topco，Inc.日食投资者母公司、LP和日食买家公司			50.4			—			50.4			—			—			50.4
埃德蒙兹政府科技公司			24.7			(1.7)			23.0			—			—			23.0
Elemica家长公司& ZZ Elemica Holdings，Inc.			7.3			(6.6)			0.7			—			—			0.7
海拔服务母公司控股有限责任公司			3.5			(1.9)			1.6			—			—			1.6
授权支付投资者有限责任公司			6.4			—			6.4			—			—			6.4
Enverus Holdings，Inc和泰坦DI优先控股公司			16.7			(0.6)			16.1			—			—			16.1
Episerver Inc.和Episerver Sweden Holdings AB			9.5			—			9.5			—			—			9.5
eResearch Technology，Inc.和Astorg VII联合投资ERT			15.0			(0.7)			14.3			—			—			14.3

请参阅合并财务报表随附的注释

69

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(in数百万） 投资组合公司			循环和延期提取贷款承诺总额			减：资金承诺			无资金承付款总额			减：公司重大酌情决定的承诺			减：由于借款基础或其他契约限制而不可用的承诺			无资金循环和延迟提取承付款净总额
ESHA Research，LLC和RMCB VI CIV XLVIII，LP			1.1			(0.9)			0.2			—			—			0.2
Essential Services Holding Corporation和OMERS Mahomes Investment Holdings LLC			49.3			(3.9)			45.4			—			—			45.4
永恒Aus Bidco Pty Ltd			1.4			—			1.4			—			—			1.4
Excel Fitness Consolidator LLC、Health Buyer LLC和Excel Fitness Holdings，Inc.			4.8			—			4.8			—			—			4.8
Excelitas科技公司			27.1			—			27.1			—			—			27.1
Extrahop Networks，Inc.			11.3			—			11.3			—			—			11.3
法拉第买家有限责任公司			5.1			—			5.1			—			—			5.1
发烧实验室公司			14.2			(4.3)			9.9			—			—			9.9
Finastra美国公司，DH Corporation/Societe DH和Finastra Europe S.A RL			17.9			—			17.9			—			—			17.9
健身风险投资控股公司和有意义的合作伙伴Fitness Ventures Co-Investment LP			24.5			(1.9)			22.6			—			—			22.6
FL Hawk中间控股公司			0.5			—			0.5			—			—			0.5
弗林科学公司和WCI-Quantum Holdings，Inc.			17.5			(5.6)			11.9			—			—			11.9
弗林特运营有限责任公司			5.6			—			5.6			—			—			5.6
FlyWheel Acquireco公司			8.2			(5.5)			2.7			—			—			2.7
Forescout Technology，Inc.			2.4			—			2.4			—			—			2.4
基金会风险合作伙伴公司			45.7			—			45.7			—			—			45.7
FS Squared Holding Corp.和FS Squared，LLC			9.6			(0.5)			9.1			—			—			9.1
戈尔韦借款人有限责任公司			27.4			(3.5)			23.9			—			—			23.9
GC Waves Holdings，Inc			0.1			—			0.1			—			—			0.1
发电机买家公司			2.0			—			2.0			—			—			2.0
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.			6.5			—			6.5			—			—			6.5
GI Ranger中级LLC			3.6			—			3.6			—			—			3.6
全球音乐版权有限责任公司			5.5			—			5.5			—			—			5.5
GNZ Energy Bidco Limited和Galileo共同投资信托I			3.1			—			3.1			—			—			3.1
Graphpad Software，LLC、Insightful Science Intermediate I，LLC和Insightful Science Holdings，LLC			23.0			—			23.0			—			—			23.0
GS SEER Group借款人有限责任公司和GS SEER Group Holdings LLC			7.5			—			7.5			—			—			7.5
GSV买方公司			28.4			—			28.4			—			—			28.4
GTLR珠穆朗玛峰借款人有限责任公司			1.2			—			1.2			—			—			1.2
GTLR F Buyer Corp.和GTLR（D）Investors LP			0.9			—			0.9			—			—			0.9
Guidepoint Security Holdings，LLC			3.4			—			3.4			—			—			3.4
Hanger公司			18.3			(6.1)			12.2			—			—			12.2
哈维工具公司			66.7			—			66.7			—			—			66.7
HealthEdge软件公司			9.2			—			9.2			—			—			9.2
重型建筑系统专家有限责任公司			4.0			—			4.0			—			—			4.0
Helios Service Partners，LLC和Astra Service Partners，LLC			5.4			(0.1)			5.3			—			—			5.3
帮助/系统控股公司			15.0			(11.2)			3.8			—			—			3.8
和记控股有限责任公司			7.5			—			7.5			—			—			7.5
HH-斯特拉公司和Bedrock Parent Holdings，LP			22.3			(1.8)			20.5			—			—			20.5
Higginbotham保险代理公司			4.3			—			4.3			—			—			4.3
高街买家公司和High Street Holdco LLC			38.2			—			38.2			—			—			38.2
Highline Aftermarket Acquisition，LLC、Highline Aftermarket SC Acquisition，Inc.和Highline PPC Blocker LLC			17.5			(0.5)			17.0			—			—			17.0
Hills Distribution，Inc. Hills Intermediate Ft Holdings，LLC和GMP Hills，LP			2.2			(0.1)			2.1			—			—			2.1
惠普RSS买家公司			6.1			—			6.1			—			—			6.1
HPCC家长公司和爱国者集装箱公司			7.0			—			7.0			—			—			7.0
Huedy Group Acquisition LLC			20.5			—			20.5			—			—			20.5
哈士奇父母公司，GI Insurity母公司LLC和GI Insurity TopCo LP			13.3			(6.3)			7.0			—			—			7.0
海兰德软件公司			2.0			(0.1)			1.9			—			—			1.9
Icefall Parent，Inc.			1.1			—			1.1			—			—			1.1
Infinity Home Services HoldCo，Inc. D & S Amalco和IHS母公司控股有限公司			12.9			(0.8)			12.1			—			—			12.1
Inszone Mid，LLC和INZZ Holdings，LLC			75.1			—			75.1			—			—			75.1
互联网卡车停靠集团有限责任公司			1.2			—			1.2			—			—			1.2
艾昆控股公司			2.3			(0.5)			1.8			—			—			1.8

See accompanying notes to consolidated financial statements

70

---

(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P.			14.4			(8.1)			6.3			—			—			6.3
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.			34.1			(1.1)			33.0			—			—			33.0
ITI Holdings, Inc.			5.7			(4.3)			1.4			—			—			1.4
Kaseya Inc. and Knockout Intermediate Holdings I Inc.			28.2			(6.9)			21.3			—			—			21.3
KBHS Acquisition, LLC (d/b/a Alita Care, LLC)			5.0			(2.4)			2.6			—			—			2.6
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC			3.1			—			3.1			—			—			3.1
Kene Acquisition, Inc. and Kene Holdings, L.P.			8.0			—			8.0			—			—			8.0
Keystone Agency Partners LLC			2.9			—			2.9			—			—			2.9
Kings Buyer, LLC			1.6			(0.7)			0.9			—			—			0.9
KPS Global LLC and Cool Group LLC			3.4			—			3.4			—			—			3.4
Laboratories Bidco LLC and Laboratories Topco LLC			19.6			(7.8)			11.8			—			—			11.8
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP			11.0			—			11.0			—			—			11.0
LeanTaaS Holdings, Inc.			19.5			—			19.5			—			—			19.5
Legends Hospitality Holding Company, LLC and ASM Buyer, Inc.			14.4			(1.7)			12.7			—			—			12.7
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.			1.5			—			1.5			—			—			1.5
Lew's Intermediate Holdings, LLC			2.3			(0.4)			1.9			—			—			1.9
Lido Advisors, LLC			6.5			(0.8)			5.7			—			—			5.7
Lightbeam Bidco, Inc.			3.7			(0.2)			3.5			—			—			3.5
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.			5.6			—			5.6			—			—			5.6
LJP Purchaser, Inc. and LJP Topco, LP			3.1			—			3.1			—			—			3.1
Mai Capital Management Intermediate LLC			6.7			—			6.7			—			—			6.7
Majesco and Magic Topco, L.P.			2.0			—			2.0			—			—			2.0
Manna Pro Products, LLC			7.0			(6.8)			0.2			—			—			0.2
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP			32.9			(17.1)			15.8			—			—			15.8
McKenzie Creative Brands, LLC			4.5			(1.4)			3.1			—			—			3.1
Meyer Laboratory, LLC and Meyer Parent, LLC			11.6			—			11.6			—			—			11.6
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.			8.0			—			8.0			—			—			8.0
Modigent, LLC and OMERS PMC Investment Holdings LLC			12.6			(5.4)			7.2			—			—			7.2
Monica Holdco (US) Inc.			3.6			—			3.6			—			—			3.6
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC			1.2			(0.4)			0.8			—			—			0.8
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC			6.3			(0.2)			6.1			—			—			6.1
MRI Software LLC			3.8			—			3.8			—			—			3.8
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc.			6.5			—			6.5			—			—			6.5
NAS, LLC and Nationwide Marketing Group, LLC			3.0			(1.5)			1.5			—			—			1.5
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.			24.3			(1.0)			23.3			—			—			23.3
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.			12.6			—			12.6			—			—			12.6
Netsmart, Inc. and Netsmart Technologies, Inc.			33.8			—			33.8			—			—			33.8
New ChurcHill HoldCo LLC and Victory Topco, LP			10.2			—			10.2			—			—			10.2
Next Holdco, LLC			2.4			—			2.4			—			—			2.4
NMC Skincare Intermediate Holdings II, LLC			12.8			(5.4)			7.4			—			—			7.4
NMN Holdings III Corp. and NMN Holdings LP			65.4			—			65.4			—			—			65.4
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.			2.5			(2.5)			—			—			—			—
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC			11.2			(3.0)			8.2			—			(5.9)			2.3
North Haven Stack Buyer, LLC			10.5			(0.5)			10.0			—			—			10.0
North Star Acquisitionco, LLC and Toucan Bidco Limited			8.9			(0.4)			8.5			—			—			8.5
Northwinds Holding, Inc. and Northwinds Services Group LLC			13.8			—			13.8			—			—			13.8
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP			4.5			(0.4)			4.1			—			—			4.1
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC			0.9			—			0.9			—			—			0.9
OMH-HealthEdge Holdings, LLC			7.2			—			7.2			—			—			7.2
OneDigital Borrower LLC			16.4			(0.7)			15.7			—			—			15.7
Packaging Coordinators Midco, Inc.			15.0			—			15.0			—			—			15.0
Paragon 28, Inc. and Paragon Advanced Technologies, Inc.			8.1			(0.1)			8.0			—			—			8.0

See accompanying notes to consolidated financial statements

71

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(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			2.6			(0.1)			2.5			—			—			2.5
Pathway Vet Alliance LLC and Jedi Group Holdings LLC			1.9			(0.2)			1.7			—			—			1.7
Patriot Growth Insurance Services, LLC			2.2			(0.4)			1.8			—			—			1.8
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC			2.5			—			2.5			—			—			2.5
PCS MidCo, Inc. and PCS Parent, L.P.			6.7			(0.8)			5.9			—			—			5.9
PDDS HoldCo, Inc.			2.4			(0.2)			2.2			—			—			2.2
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC			14.5			—			14.5			—			—			14.5
Pelican Products, Inc.			2.3			(1.6)			0.7			—			—			0.7
People Corporation			11.1			(1.2)			9.9			—			(4.9)			5.0
Perforce Software, Inc.			7.5			—			7.5			—			—			7.5
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP			1.7			—			1.7			—			—			1.7
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P.			1.1			—			1.1			—			—			1.1
PestCo Holdings, LLC and PestCo, LLC			0.4			—			0.4			—			—			0.4
Petrus Buyer, Inc.			1.8			—			1.8			—			—			1.8
PetVet Care Centers, LLC			49.4			—			49.4			—			—			49.4
Petvisor Holdings, LLC			30.2			—			30.2			—			—			30.2
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc.			4.7			—			4.7			—			—			4.7
Ping Identity Holding Corp.			0.2			—			0.2			—			—			0.2
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC			15.2			—			15.2			—			—			15.2
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC			11.8			(0.5)			11.3			—			—			11.3
Precision Concepts International LLC and Precision Concepts Canada Corporation			14.4			(3.6)			10.8			—			—			10.8
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.			3.5			(1.2)			2.3			—			—			2.3
Premiere Buyer, LLC			8.5			—			8.5			—			—			8.5
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP			5.0			(0.1)			4.9			—			—			4.9
Prime Buyer, L.L.C.			15.9			(4.3)			11.6			—			—			11.6
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC			20.1			—			20.1			—			—			20.1
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.			12.5			(0.7)			11.8			—			—			11.8
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.			1.1			—			1.1			—			—			1.1
Project Potter Buyer, LLC and Project Potter Parent, L.P.			5.5			—			5.5			—			—			5.5
Proofpoint, Inc.			3.1			—			3.1			—			—			3.1
PS Operating Company LLC and PS Op Holdings LLC			6.4			(5.1)			1.3			—			(1.4)			(0.1)
PSC Parent, Inc.			14.8			(2.8)			12.0			—			—			12.0
PYE-Barker Fire & Safety, LLC			19.7			(0.5)			19.2			—			—			19.2
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC			1.6			—			1.6			—			—			1.6
QF Holdings, Inc.			1.1			(0.6)			0.5			—			—			0.5
Qnnect, LLC and Connector TopCo, LP			2.7			—			2.7			—			—			2.7
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.			19.1			—			19.1			—			—			19.1
Radius Aerospace, Inc. and Radius Aerospace Europe Limited			5.7			(3.4)			2.3			—			—			2.3
Radwell Parent, LLC			4.4			(0.9)			3.5			—			—			3.5
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC			4.4			—			4.4			—			—			4.4
RB Holdings InterCo, LLC			2.1			(1.4)			0.7			—			—			0.7
Reagent Chemical & Research, LLC			2.7			—			2.7			—			—			2.7
Reddy Ice LLC			21.3			(0.5)			20.8			—			—			20.8
Redwood Services, LLC and Redwood Services Holdco, LLC			20.5			(0.2)			20.3			—			—			20.3
Reef Lifestyle, LLC			33.1			(30.8)			2.3			—			—			2.3
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.			6.9			(6.6)			0.3			—			—			0.3
Relativity ODA LLC			8.8			—			8.8			—			—			8.8
Repairify, Inc. and Repairify Holdings, LLC			7.3			(7.3)			—			—			—			—
Revalize, Inc.			0.9			(0.5)			0.4			—			—			0.4
Rialto Management Group, LLC			1.3			(0.3)			1.0			—			—			1.0
Riser Topco II, LLC			3.7			—			3.7			—			—			3.7

See accompanying notes to consolidated financial statements

72

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(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
RMS HoldCo II, LLC & RMS Group Holdings, Inc.			2.9			—			2.9			—			—			2.9
Rodeo AcquisitionCo LLC			2.5			(1.4)			1.1			—			—			1.1
Royal Borrower, LLC and Royal Parent, LP			14.3			(0.2)			14.1			—			—			14.1
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc.			15.9			(8.1)			7.8			—			—			7.8
SageSure Holdings, LLC and SageSure LLC			38.3			—			38.3			—			—			38.3
Sapphire Software Buyer, Inc.			5.9			—			5.9			—			—			5.9
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.			15.2			(0.5)			14.7			—			—			14.7
SCIH Salt Holdings Inc.			22.5			(0.4)			22.1			—			—			22.1
SCM Insurance Services Inc.			4.0			—			4.0			—			—			4.0
SePro Holdings, LLC			8.5			—			8.5			—			—			8.5
Severin Acquisition, LLC			76.1			—			76.1			—			—			76.1
SG Acquisition, Inc.			2.0			—			2.0			—			—			2.0
Shermco Intermediate Holdings, Inc.			6.2			(2.4)			3.8			—			—			3.8
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC			0.7			—			0.7			—			—			0.7
SIG Parent Holdings, LLC			34.5			—			34.5			—			—			34.5
Silk Holdings III Corp. and Silk Holdings I Corp.			0.1			(0.1)			—			—			—			—
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC			2.1			—			2.1			—			—			2.1
SM Wellness Holdings, Inc. and SM Holdco, LLC			3.8			—			3.8			—			—			3.8
Smarsh Inc. and Skywalker TopCo, LLC			2.0			—			2.0			—			—			2.0
Spark Purchaser, Inc.			2.3			—			2.3			—			—			2.3
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp			2.5			—			2.5			—			—			2.5
St Athena Global LLC and St Athena Global Holdings Limited			4.4			—			4.4			—			—			4.4
Star US Bidco LLC			15.5			—			15.5			—			—			15.5
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC			2.5			—			2.5			—			—			2.5
Sugar PPC Buyer LLC			3.9			—			3.9			—			—			3.9
Sun Acquirer Corp. and Sun TopCo, LP			17.7			(0.5)			17.2			—			—			17.2
Sundance Group Holdings, Inc.			4.4			(2.0)			2.4			—			—			2.4
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation			7.6			(1.9)			5.7			—			—			5.7
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P.			37.9			—			37.9			—			—			37.9
Superman Holdings, LLC			16.7			—			16.7			—			—			16.7
SV Newco 2, Inc. and Site 2020 Incorporated			17.5			—			17.5			—			—			17.5
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.			10.0			(0.4)			9.6			—			—			9.6
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC			4.2			—			4.2			—			—			4.2
Systems Planning and Analysis, Inc.			4.0			(0.8)			3.2			—			—			3.2
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.			7.5			—			7.5			—			—			7.5
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.			2.4			(0.7)			1.7			—			—			1.7
TCP Hawker Intermediate LLC			12.8			—			12.8			—			—			12.8
Team Acquisition Corporation			6.1			—			6.1			—			—			6.1
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.			3.0			—			3.0			—			—			3.0
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP			16.0			(1.2)			14.8			—			—			14.8
The Hiller Companies, LLC			12.4			—			12.4			—			—			12.4
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC			1.0			(0.3)			0.7			—			—			0.7
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP			5.6			—			5.6			—			—			5.6
Thermostat Purchaser III, Inc.			7.7			(0.4)			7.3			—			—			7.3
THG Acquisition, LLC			6.0			(2.1)			3.9			—			—			3.9
Trader Corporation and Project Auto Finco Corp.			0.6			—			0.6			—			—			0.6
Transit Technologies LLC			6.3			—			6.3			—			—			6.3
Triwizard Holdings, Inc. and Triwizard Parent, LP			21.0			—			21.0			—			—			21.0
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC			18.4			(0.1)			18.3			—			—			18.3
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC			5.4			(0.2)			5.2			—			—			5.2
TSS Buyer, LLC			0.5			—			0.5			—			—			0.5
Two Six Labs, LLC			36.5			—			36.5			—			—			36.5

See accompanying notes to consolidated financial statements

73

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(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP			4.6			(0.4)			4.2			—			—			4.2
UP Intermediate II LLC and UPBW Blocker LLC			4.2			(1.8)			2.4			—			—			2.4
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.			9.9			—			9.9			—			—			9.9
Valcourt Holdings II, LLC and Jobs Holdings, Inc.			5.6			—			5.6			—			—			5.6
Verista, Inc.			8.0			(0.7)			7.3			—			—			7.3
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC			1.6			(0.2)			1.4			—			—			1.4
Victors Purchaser, LLC and WP Victors Co-Investment, L.P.			24.0			—			24.0			—			—			24.0
Visual Edge Technology, Inc.			18.9			—			18.9			—			—			18.9
Vobev, LLC and Vobev Holdings, LLC			2.0			—			2.0			—			(2.0)			—
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.			9.4			—			9.4			—			—			9.4
VRC Companies, LLC			5.4			—			5.4			—			—			5.4
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC			9.2			—			9.2			—			—			9.2
Watermill Express, LLC and Watermill Express Holdings, LLC			4.0			(0.3)			3.7			—			—			3.7
Waverly Advisors, LLC and WAAM Topco, LLC			3.7			—			3.7			—			—			3.7
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.			0.7			—			0.7			—			—			0.7
Wealth Enhancement Group, LLC			14.7			—			14.7			—			—			14.7
WebPT, Inc. and WPT Intermediate Holdco, Inc.			0.9			(0.2)			0.7			—			—			0.7
Wellington Bidco Inc. and Wellington TopCo LP			16.6			(0.6)			16.0			—			—			16.0
Wellington-Altus Financial Inc.			1.2			—			1.2			—			—			1.2
Wellness AcquisitionCo, Inc.			2.2			—			2.2			—			—			2.2
Wellpath Holdings, Inc.			12.0			(12.0)			—			—			—			—
Wildcat BuyerCo, Inc. and Wildcat Parent, LP			6.3			(0.2)			6.1			—			—			6.1
WorkWave Intermediate II, LLC			5.2			—			5.2			—			—			5.2
World Insurance Associates, LLC and World Associates Holdings, LLC			9.0			—			9.0			—			—			9.0
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			1.8			(0.1)			1.7			—			—			1.7
WRE Sports Investments LLC			6.9			—			6.9			—			—			6.9
WSHP FC Acquisition LLC and WSHP FC Holdings LLC			16.3			(16.3)			—			—			—			—
XIFIN, Inc. and ACP Charger Co-Invest LLC			5.7			(5.7)			—			—			—			—
YE Brands Holdings, LLC			3.6			(1.2)			2.4			—			—			2.4
ZB Holdco LLC and ZB TopCo LLC			21.2			(6.0)			15.2			—			—			15.2
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP			12.8			—			12.8			—			—			12.8
Zinc Buyer Corporation			17.2			(0.2)			17.0			—			—			17.0
			$	4,037.2		$	(472.7)		$	3,564.5		$	—		$	(24.2)		$	3,540.3

(16)As of September 30, 2024, the Company was party to agreements to fund equity investment commitments as follows:

See accompanying notes to consolidated financial statements

74

---

(in millions) Company			Total equity commitments			Less: funded equity commitments			Total unfunded equity commitments			Less: equity commitments substantially at the discretion of the Company			Total net unfunded equity commitments
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP			$	1.2		$	—		$	1.2		$	—		$	1.2
Constellation Wealth Capital Fund, L.P.			5.5			(2.9)			2.6			—			2.6
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP			0.1			—			0.1			—			0.1
European Capital UK SME Debt LP			60.2			(54.5)			5.7			(5.7)			—
GTCR F Buyer Corp. and GTCR (D) Investors LP			1.6			—			1.6			—			1.6
HFCP XI (Parallel - A), L.P.			7.5			—			7.5			—			7.5
High Street Buyer, Inc. and High Street Holdco LLC			38.7			—			38.7			—			38.7
Linden Structured Capital Fund II-A LP			1.9			(1.0)			0.9			—			0.9
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.			11.6			(9.7)			1.9			—			1.9
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			0.3			—			0.3			—			0.3
PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.			50.0			(12.4)			37.6			(37.6)			—
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P.			12.2			(10.9)			1.3			—			1.3
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.			2.5			—			2.5			—			2.5
Wellington-Altus Financial Inc.			2.4			—			2.4			—			2.4
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			0.2			—			0.2			—			0.2
			$	195.9		$	(91.4)		$	104.5		$	(43.3)		$	61.2

(17)As of September 30, 2024, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $68. See Note 4 for more information on the SDLP.

(18)Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 for more information regarding the fair value of the Company’s investments.

(19)As of September 30, 2024, the estimated net unrealized gain for federal tax purposes was $0.2 billion based on a tax cost basis of $26.0 billion. As of September 30, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $1.6 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was $1.4 billion.     

See accompanying notes to consolidated financial statements

75

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Software and Services
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (15)						Payment processing solution provider						First lien senior secured loan						10.88%			SOFR (Q)			5.50%						02/2020						06/2028									$	62.7					$	62.7					$	62.7		(2)(11)
												First lien senior secured loan						10.87%			SOFR (M)			5.50%						06/2022						06/2028									99.5						98.2						99.5			(2)(11)
												First lien senior secured loan						10.88%			SOFR (S)			5.50%						11/2023						06/2028									2.2						2.2						2.2			(2)(11)
												Senior subordinated loan						15.39% PIK			SOFR (Q)			10.00%						02/2020						06/2030									65.7						65.7						65.7			(2)(11)
																																																			228.8						230.1
Anaplan, Inc. (15)						Provider of cloud-based connected planning platforms for business analytics						First lien senior secured loan						11.85%			SOFR (Q)			6.50%						06/2022						06/2029									1.8						1.8						1.8			(2)(11)
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15)						Provider of intellectual property management lifecycle software						First lien senior secured loan						9.45%			Euribor (Q)			5.50%						04/2019						04/2026									4.4						4.5						4.4			(2)
												First lien senior secured loan						10.88%			SOFR (S)			5.25%						06/2021						04/2026									2.3						2.3						2.3			(2)(11)
												Limited partnership units																		06/2019												4,400,000									4.2						10.6			(2)(6)
																																																			11.0						17.3
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15)						Aircraft performance software provider						First lien senior secured loan						10.76%			SOFR (Q)			5.25%						01/2020						01/2025									13.2						13.2						13.2			(2)(11)
												Class A membership units																		01/2020												9,750,000									9.8						10.5			(2)
																																																			23.0						23.7
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (15)						Software platform for identification, prevention and management of substance use disorder						First lien senior secured loan						12.32%			SOFR (Q)			6.75%						05/2021						05/2027									5.6						5.6						5.6			(2)(11)
												Series A preferred shares						11.00% PIK												05/2021												32,236									43.2						39.7			(2)
																																																			48.8						45.3
Aptean, Inc. and Aptean Acquiror Inc.						Provider of CRM, ERP and supply chain software application						First lien senior secured loan						9.71%			SOFR (M)			4.25%						05/2022						04/2026									7.1						7.0						7.1			(2)(18)
Auctane, Inc.						Provider of mailing and shipping solutions						First lien senior secured loan						11.23%			SOFR (Q)			5.75%						10/2021						10/2028									145.3						145.3						138.0			(2)(11)
Avalara, Inc. (15)						Provider of cloud-based solutions for transaction tax compliance worldwide						First lien senior secured loan						12.60%			SOFR (Q)			7.25%						10/2022						10/2028									72.2						72.2						72.2			(2)(11)
Avetta, LLC (15)						Supply chain risk management SaaS platform for global enterprise clients						First lien senior secured loan						11.15%			SOFR (Q)			5.75%						10/2023						10/2030									33.0						33.0						32.3			(2)(11)
Banyan Software Holdings, LLC and Banyan Software, LP (15)						Vertical software businesses holding company						First lien senior secured revolving loan						10.96%			SOFR (M)			5.50%						01/2023						10/2025									1.4						1.4						1.4			(2)(6)(11)
												First lien senior secured loan						12.46%			SOFR (M)			7.00%						10/2020						10/2026									1.0						1.0						1.0			(2)(6)(11)
												First lien senior secured loan						12.46%			SOFR (M)			7.00%						12/2021						10/2026									0.2						0.2						0.2			(2)(6)(11)
												First lien senior secured loan						12.71%			SOFR (M)			7.25%						01/2023						10/2026									5.2						5.2						5.2			(2)(6)(11)
												Preferred units																		01/2022												120,999									4.1						8.7			(2)(6)
																																																			11.9						16.5
BCTO Ignition Purchaser, Inc.						Enterprise software provider						First lien senior secured loan						14.40% PIK			SOFR (Q)			9.00%						04/2023						10/2030									3.5						3.5						3.4			(2)(6)(11)

See accompanying notes to consolidated financial statements

76

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (15)						Healthcare software provider						First lien senior secured loan						11.59%			SOFR (Q)			6.25%						06/2023						06/2030									15.8						15.8						15.8			(2)(11)
												Class A-1 units																		06/2023												1,523,000									1.5						1.5
																																																			17.3						17.3
Borrower R365 Holdings LLC (15)						Provider of restaurant enterprise resource planning systems						First lien senior secured loan						12.00%			SOFR (Q)			6.50%						06/2021						06/2027									16.0						15.9						16.0			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						01/2022						06/2027									2.0						1.9						2.0			(2)(11)
																																																			17.8						18.0
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC (15)						Provider of payment automation solutions						First lien senior secured loan						10.61%			SOFR (M)			5.25%						05/2022						05/2029									8.1						8.1						8.1			(2)(11)
												First lien senior secured loan						11.11%			SOFR (M)			5.75%						10/2023						05/2029									4.2						4.2						4.2			(2)(11)
																																																			12.3						12.3
Businessolver.com, Inc. (15)						Provider of SaaS-based benefits solutions for employers and employees						First lien senior secured loan						10.93%			SOFR (M)			5.50%						12/2021						12/2027									0.4						0.4						0.4			(2)(11)
CallMiner, Inc.						Provider of cloud-based conversational analytics solutions						Warrant to purchase shares of Series 1 preferred stock																		07/2014						07/2024						2,350,636									—						—
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (15)						Provider of software and technology-enabled content and analytical solutions to insurance brokers						First lien senior secured revolving loan						12.00%			Base Rate (Q)			3.50%						11/2020						11/2025									2.6						2.6						2.6			(2)(11)
												First lien senior secured revolving loan						9.96%			SOFR (M)			4.50%						11/2020						11/2025									1.4						1.4						1.4			(2)(11)
												Second lien senior secured loan						13.25%			SOFR (Q)			7.75%						11/2020						11/2028									64.3						64.3						63.0			(2)(11)
												Series A preferred shares						11.00% PIK												11/2020												24,898									35.2						30.9			(2)
												Series A-2 preferred shares						11.00% PIK												12/2020												8,963									12.5						10.7			(2)
												Series A-3 preferred shares						11.00% PIK												11/2021												11,952									15.1						13.3			(2)
																																																			131.1						121.9
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (15)						Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies						First lien senior secured notes						6.50%												09/2022						03/2029									88.9						86.8						84.7			(2)(18)
												First lien senior secured loan						9.99%			SOFR (Q)			4.50%						09/2022						03/2029									15.7						15.1						15.3			(2)(11)(18)
												Second lien senior secured notes						9.00%												04/2023						09/2029									121.0						112.5						115.2			(2)(18)
												Series A preferred stock						17.35% PIK			SOFR (Q)			12.00%						09/2022												117,813									123.5						127.6			(2)(11)
												Limited partnership interests																		09/2022												12,250,000									12.3						18.7			(2)
																																																			350.2						361.5
Community Brands ParentCo, LLC (15)						Software and payment services provider to non-profit institutions						First lien senior secured loan						10.96%			SOFR (M)			5.50%						02/2022						02/2028									10.5						10.5						10.3			(2)(11)
												Class A units																		12/2016												500,000									5.0						6.1			(2)
																																																			15.5						16.4
Computer Services, Inc.						Infrastructure software provider to community banks						First lien senior secured loan						12.13%			SOFR (Q)			6.75%						11/2022						11/2029									33.8						33.8						33.8			(2)(11)

See accompanying notes to consolidated financial statements

77

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (15)						Provider of sales software for the interior design industry						First lien senior secured revolving loan						11.25%			SOFR (Q)			5.75%						05/2021						05/2028									3.9						3.9						3.9			(2)(6)(11)
												First lien senior secured revolving loan						10.15%			Euribor (Q)			6.25%						11/2021						05/2028									0.9						0.9						0.9			(2)(6)(11)
												First lien senior secured revolving loan						11.25%			SOFR (Q)			5.75%						11/2021						05/2028									0.3						0.3						0.3			(2)(6)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						05/2021						05/2028									74.1						74.1						72.6			(2)(6)(11)
												First lien senior secured loan						10.19%			Euribor (Q)			6.25%						11/2021						05/2028									0.5						0.4						0.5			(2)(6)(11)
												First lien senior secured loan						10.19%			Euribor (Q)			6.25%						11/2021						05/2028									30.0						30.1						29.7			(2)(6)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						06/2022						05/2028									11.6						11.6						11.4			(2)(6)(11)
												Common units																		05/2021												483,584									4.8						9.0			(2)(6)
												Series A common units																		09/2022												23,340									0.2						0.4			(2)(6)
																																																			126.3						128.7
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (15)						Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors						Second lien senior secured loan						11.97%			SOFR (M)			6.50%						06/2021						06/2029									155.7						155.7						143.2			(2)(11)
												Limited partnership units																		04/2021												59,665,989									59.7						36.2			(2)
																																																			215.4						179.4
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (15)						Provider of environmental, health and safety software to track compliance data						First lien senior secured loan						10.39%			SOFR (Q)			5.00%						07/2019						07/2026									6.2						6.2						6.2			(2)(6)(11)
												First lien senior secured loan						10.39%			SOFR (Q)			5.00%						10/2019						07/2026									4.3						4.3						4.3			(2)(6)(11)
												First lien senior secured loan						12.39%			SOFR (Q)			7.00%						09/2020						07/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						10.83%			SOFR (Q)			5.50%						09/2022						07/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						11.39%			SOFR (Q)			6.00%						09/2022						07/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						11.39%			SOFR (Q)			6.00%						04/2023						07/2026									7.7						7.7						7.7			(2)(6)(11)
												Preferred equity						9.00% PIK												07/2019												198									0.3						0.8			(2)(6)
												Common equity																		07/2019												190,143									—						—			(2)(6)
																																																			18.8						19.3
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (15)						Provider of a cloud-based, SaaS platform for talent management						First lien senior secured revolving loan																		10/2021						10/2026									—						—						—			(2)(13)
												Second lien senior secured loan						11.97%			SOFR (M)			6.50%						10/2021						10/2029									137.5						137.5						132.0			(2)(11)
												Series A preferred shares						10.50% PIK												10/2021												116,413									146.0						127.1			(2)
												Class A-1 common stock																		10/2021												1,360,100									13.6						16.2			(2)
																																																			297.1						275.3
Coupa Holdings, LLC and Coupa Software Incorporated (15)						Provider of Business Spend Management software						First lien senior secured loan						12.86%			SOFR (M)			7.50%						03/2023						02/2030									9.0						9.0						9.0			(2)(11)

See accompanying notes to consolidated financial statements

78

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Crosspoint Capital AS SPV, LP (15)						Provider of software services that support the management and security of computing devices, applications, data, and networks						First lien senior secured revolving loan						12.10%			SOFR (Q)			6.75%						07/2023						07/2029									0.7						0.7						0.7			(2)(6)(11)
												First lien senior secured loan						12.10%			SOFR (Q)			6.75%						07/2023						07/2030									42.9						42.9						42.5			(2)(6)(11)
												Limited partnership interest						8.00% PIK												10/2023												9,249,000									9.5						9.0			(2)(6)
																																																			53.1						52.2
Datix Bidco Limited						Global healthcare software company that provides software solutions for patient safety and risk management						First lien senior secured loan						9.94%			SOFR (S)			4.50%						10/2019						04/2025									4.4						4.2						4.4			(2)(6)
												Second lien senior secured loan						13.19%			SOFR (S)			7.75%						11/2022						04/2026									0.7						0.7						0.7			(2)(6)
																																																			4.9						5.1
Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.						Provider of internet security tools and solutions						Second lien senior secured loan						12.36%			SOFR (M)			7.00%						05/2022						02/2029									11.0						10.4						10.9			(2)
												Series A preferred shares						10.50% PIK												05/2021												129,822									169.5						150.8			(2)
												Series A units																		05/2021												817,194									13.3						9.1			(2)
																																																			193.2						170.8
Denali Holdco LLC and Denali Apexco LP (15)						Provider of cybersecurity audit and assessment services						First lien senior secured loan						10.96%			SOFR (M)			5.50%						09/2021						09/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.03%			SOFR (M)			5.50%						07/2022						09/2027									1.1						1.1						1.1			(2)(11)
												Class A units																		02/2022												2,549,000									2.5						3.2			(2)
																																																			3.7						4.4
Diligent Corporation and Diligent Preferred Issuer, Inc. (15)						Provider of secure SaaS solutions for board and leadership team documents						First lien senior secured revolving loan						11.76%			SOFR (Q)			6.25%						08/2020						08/2025									1.2						1.2						1.2			(2)(11)(14)
												First lien senior secured loan						11.78%			SOFR (Q)			6.25%						08/2020						08/2025									14.6						14.5						14.6			(2)(11)
												First lien senior secured loan						11.78%			SOFR (Q)			6.25%						08/2020						08/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.28%			SOFR (Q)			5.75%						03/2021						08/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.28%			SOFR (Q)			5.75%						04/2021						08/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.78%			SOFR (Q)			6.25%						07/2021						08/2025									0.1						0.1						0.1			(2)(11)
												Preferred stock						10.50% PIK												04/2021												13,140									16.7						15.6			(2)
																																																			32.8						31.8
DS Admiral Bidco, LLC (15)						Tax return software provider for government institutions						First lien senior secured loan						11.85%			SOFR (Q)			6.50%						03/2021						03/2028									0.1						0.1						0.1			(2)(11)
Dye & Durham Corporation (15)						Provider of cloud-based software and technology solutions for the legal industry						First lien senior secured revolving loan						11.20%			CDOR (Q)			5.75%						12/2021						12/2026									3.8						3.8						3.8			(2)(6)(11)
												First lien senior secured loan						11.21%			CDOR (Q)			5.75%						12/2021						12/2027									8.7						8.6						8.7			(2)(6)(11)
																																																			12.4						12.5

See accompanying notes to consolidated financial statements

79

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Echo Purchaser, Inc. (15)						Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets						First lien senior secured revolving loan						10.86%			SOFR (Q)			5.50%						11/2023						11/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.87%			SOFR (S)			5.50%						11/2023						11/2029									10.7						10.7						10.4			(2)(11)
																																																			10.8						10.5
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (15)						SaaS based supply chain management software provider focused on chemical markets						First lien senior secured revolving loan						11.02%			SOFR (Q)			5.50%						09/2019						09/2025									4.1						4.1						4.0			(2)(11)
												First lien senior secured loan						11.03%			SOFR (Q)			5.50%						09/2019						09/2025									60.7						60.7						58.9			(2)(11)
												First lien senior secured loan						11.03%			SOFR (Q)			5.50%						12/2020						09/2025									5.7						5.7						5.5			(2)(11)
												Preferred equity																		09/2019												4,599									4.6						5.8			(2)
																																																			75.1						74.2
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. (15)						SaaS based business analytics company focused on oil and gas industry						First lien senior secured loan						10.86%			SOFR (S)			5.50%						12/2023						12/2029									134.9						134.9						132.2			(2)(11)
												Preferred stock						13.50% PIK												02/2020												30									48.5						48.5			(2)
																																																			183.4						180.7
EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P.						Provider of entertainment workforce and production management solutions						First lien senior secured loan						10.11%			SOFR (Q)			4.50%						06/2023						11/2028									8.4						8.1						8.4			(2)(11)
												Second lien senior secured loan						12.11%			SOFR (Q)			6.50%						11/2021						11/2029									177.9						177.9						172.6			(2)(11)
												Partnership units																		05/2019												5,034,483									3.2						12.1			(2)(6)
																																																			189.2						193.1
EpiServer Inc. and Episerver Sweden Holdings AB (15)						Provider of web content management and digital commerce solutions						First lien senior secured loan						10.75%			SOFR (Q)			5.25%						10/2018						04/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						9.43%			Euribor (Q)			5.50%						03/2019						04/2026									5.7						5.8						5.7			(2)(6)
												First lien senior secured loan						10.75%			SOFR (Q)			5.25%						12/2021						04/2026									0.1						0.1						0.1			(2)(6)(11)
																																																			6.0						5.9
eResearch Technology, Inc. and Astorg VII Co-Invest ERT						Provider of mission-critical, software-enabled clinical research solutions						First lien senior secured loan						9.97%			SOFR (M)			4.50%						11/2023						02/2027									1.0						1.0						1.0			(2)(11)(18)
												Second lien senior secured loan						13.46%			SOFR (M)			8.00%						02/2020						02/2028									17.2						16.9						17.2			(2)
												Second lien senior secured loan						13.46%			SOFR (M)			8.00%						04/2021						02/2028									30.6						29.9						30.6			(2)
												Limited partnership interest																		01/2020												3,988,000									4.5						5.5			(2)(6)
																																																			52.3						54.3
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (15)						Provider of nutritional information and software as a services (SaaS) compliance solutions						First lien senior secured revolving loan						11.74%			SOFR (S)			6.25%						06/2022						06/2028									0.8						0.8						0.7			(2)(11)
												First lien senior secured loan						11.76%			SOFR (Q)			6.25%						06/2022						06/2028									6.8						6.8						6.6			(2)(11)
												Limited partner interests																		06/2022												6,246,801									6.2						5.5

See accompanying notes to consolidated financial statements

80

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			13.8						12.8
Extrahop Networks, Inc. (15)						Provider of real-time wire data analytics solutions for application and infrastructure monitoring						First lien senior secured loan						12.96%			SOFR (M)			7.50%						07/2021						07/2027									22.9						22.9						22.9			(2)(11)
												First lien senior secured loan						12.96%			SOFR (M)			7.50%						03/2023						07/2027									3.9						3.9						3.9			(2)(11)
																																																			26.8						26.8
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (15)						Provider of back-office software services for the banking sector						First lien senior secured loan						12.71%			SOFR (Q)			7.25%						09/2023						09/2029									190.5						186.8						188.6			(2)(6)(11)
First Insight, Inc.						Software company providing merchandising and pricing solutions to companies worldwide						Warrant to purchase shares of Series C preferred stock																		03/2014						03/2024						122,827									—						—
Forescout Technologies, Inc. (15)						Network access control solutions provider						First lien senior secured loan						13.45%			SOFR (Q)			8.00%						08/2020						08/2026									9.6						9.5						9.6			(2)(11)
												First lien senior secured loan						13.45%			SOFR (Q)			8.00%						07/2022						08/2026									13.8						13.8						13.8			(2)(11)
																																																			23.3						23.4
Genesis Acquisition Co. and Genesis Ultimate Holding Co. (15)						Child care management software and services provider						First lien senior secured revolving loan						10.39%			SOFR (Q)			5.00%						07/2018						07/2025									1.5						1.5						1.5			(2)(11)
												First lien senior secured loan						10.39%			SOFR (Q)			5.00%						07/2018						07/2025									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						10.35%			SOFR (Q)			5.00%						11/2021						07/2025									0.1						0.1						0.1			(2)(11)
												Second lien senior secured loan						14.47%			SOFR (Q)			9.00%						07/2018						07/2026									32.4						32.4						32.4			(2)(11)
												Second lien senior secured loan						14.47%			SOFR (Q)			9.00%						06/2021						07/2026									7.5						7.5						7.5			(2)(11)
												Second lien senior secured loan						14.47%			SOFR (Q)			9.00%						11/2021						07/2026									21.1						21.1						21.1			(2)(11)
												Class A common stock																		07/2018												8									0.8						2.4			(2)
																																																			63.6						65.2
GI Ranger Intermediate LLC (15)						Provider of payment processing services and software to healthcare providers						First lien senior secured revolving loan						11.21%			SOFR (Q)			5.75%						10/2021						10/2027									2.2						2.2						2.1			(2)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						10/2021						10/2028									10.1						10.1						10.0			(2)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						03/2022						10/2028									1.8						1.8						1.7			(2)(11)
																																																			14.1						13.8
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (15)						Provider of data analysis, statistics, and visualization software solutions for scientific research applications						First lien senior secured revolving loan						13.50%			Base Rate (Q)			5.00%						12/2017						04/2027									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						11.72%			SOFR (S)			6.00%						12/2017						04/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.19%			SOFR (Q)			5.50%						04/2021						04/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.22%			SOFR (Q)			5.50%						10/2021						04/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.13%			SOFR (Q)			5.50%						11/2021						04/2027									3.9						3.9						3.9			(2)(11)
												Senior subordinated loan						10.50% PIK												04/2021						04/2032									48.3						48.3						44.9			(2)
												Preferred units						14.00% PIK												04/2021												1,828,645									65.6						65.6

See accompanying notes to consolidated financial statements

81

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			118.8						115.4
Guidepoint Security Holdings, LLC (15)						Cybersecurity solutions provider						First lien senior secured loan						11.38%			SOFR (Q)			6.00%						10/2023						10/2029									6.8						6.8						6.6			(2)(11)
Heavy Construction Systems Specialists, LLC (15)						Provider of construction software						First lien senior secured loan						10.86%			SOFR (M)			5.50%						11/2021						11/2028									0.1						0.1						0.1			(2)(11)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (15)						Insurance software provider						First lien senior secured revolving loan						11.00%			SOFR (Q)			5.50%						11/2021						11/2027									13.3						13.3						12.1			(2)(11)
												First lien senior secured loan						11.00%			SOFR (Q)			5.50%						11/2021						11/2028									59.8						59.8						54.4			(2)(11)
												Senior subordinated loan						10.00% PIK												11/2021						11/2031									109.8						109.8						89.0			(2)
												Company units																		11/2021												4,246,457									8.8						4.7			(2)
																																																			191.7						160.2
Hyland Software, Inc. (15)						Enterprise content management software provider						First lien senior secured loan						11.36%			SOFR (M)			6.00%						09/2023						09/2030									97.5						96.2						96.1			(2)(11)
Imprivata, Inc.						Provider of identity and access management solutions to the healthcare industry						Second lien senior secured loan						11.60%			SOFR (Q)			6.25%						04/2022						12/2028									16.1						16.0						15.8			(2)(11)
Inmar, Inc.						Technology-driven solutions provider for retailers, wholesalers and manufacturers						First lien senior secured loan						10.85%			SOFR (M)			5.50%						06/2023						05/2026									13.4						12.9						13.2			(2)(11)(18)
IQN Holding Corp. (15)						Provider of extended workforce management software						First lien senior secured loan						10.64%			SOFR (Q)			5.25%						05/2022						05/2029									1.4						1.4						1.4			(2)(11)
IV Rollover Holdings, LLC						Provider of cloud based IT solutions, infrastructure and services						Class B units																		05/2017												170,490									—						—			(2)
												Class X units																		05/2017												5,000,000									1.9						2.1			(2)
																																																			1.9						2.1
Kaseya Inc. and Knockout Intermediate Holdings I Inc. (15)						Provider of cloud-based software and technology solutions for small and medium sized businesses						First lien senior secured revolving loan						11.36% (2.50% PIK)			SOFR (M)			6.00%						06/2022						06/2029									4.9						4.9						4.9			(2)(11)(14)
												First lien senior secured loan						11.38% (2.50% PIK)			SOFR (Q)			6.00%						06/2022						06/2029									169.1						168.9						169.1			(2)(11)
												Preferred stock						11.75% PIK												06/2022												38,798									46.2						45.7			(2)
																																																			220.0						219.7
LeanTaaS Holdings, Inc. (15)						Provider of SaaS tools to optimize healthcare asset utilization						First lien senior secured loan						12.86%			SOFR (M)			7.50%						07/2022						07/2028									42.3						42.3						42.3			(2)(11)
Majesco and Magic Topco, L.P. (15)						Insurance software provider						First lien senior secured loan						12.60%			SOFR (Q)			7.25%						09/2020						09/2027									0.1						0.1						0.1			(2)(11)
												Class A units						9.00% PIK												09/2020												2,539									3.4						5.9			(2)
												Class B units																		09/2020												570,625									—						—			(2)
																																																			3.5						6.0
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp (15)(16)						Cybersecurity solutions provider						First lien senior secured loan						10.94%			SONIA (Q)			5.75%						05/2022						05/2029									36.3						35.2						36.3			(2)(6)(11)
												First lien senior secured loan						11.21%			SOFR (M)			5.75%						05/2022						05/2029									79.2						79.2						79.2			(2)(6)(11)
												Limited partnership interest																		05/2022												3,975									38.8						43.6			(2)(6)
																																																			153.2						159.1

See accompanying notes to consolidated financial statements

82

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (15)						Software and payment services provider to faith-based institutions						First lien senior secured revolving loan						13.00%			Base Rate (Q)			4.50%						12/2021						12/2027									0.7						0.7						0.6			(2)(11)(14)
												First lien senior secured revolving loan						10.96%			SOFR (M)			5.50%						12/2021						12/2027									3.6						3.6						3.4			(2)(11)(14)
												First lien senior secured loan						10.96%			SOFR (M)			5.50%						12/2021						12/2028									39.4						39.4						37.4			(2)(11)
												Limited partner interests																		12/2021												9,574,000									9.6						7.8			(2)
																																																			53.3						49.2
Mitchell International, Inc.						Provider of technology, connectivity, and information solutions to the property and casualty insurance industry						First lien senior secured loan						9.40%			SOFR (Q)			3.75%						06/2023						10/2028									0.1						0.1						0.1			(2)(11)(18)
												Second lien senior secured loan						12.15%			SOFR (Q)			6.50%						10/2021						10/2029									98.1						96.4						96.1			(2)(11)(18)
																																																			96.5						96.2
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (15)						Leading technology solution provider for casing and auditioning to the entertainment industry						First lien senior secured revolving loan						11.36%			SOFR (Q)			6.00%						08/2022						08/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.36%			SOFR (M)			6.00%						08/2022						08/2028									24.9						24.9						24.9			(2)(11)
												Class A units						8.00% PIK												08/2022												45,320									4.9						3.9
																																																			29.9						28.9
MRI Software LLC (15)						Provider of real estate and investment management software						First lien senior secured loan						10.95%			SOFR (Q)			5.50%						02/2020						02/2027									51.0						51.0						50.5			(2)(11)
												First lien senior secured loan						10.95%			SOFR (Q)			5.50%						08/2020						02/2027									24.2						24.2						23.9			(2)(11)
																																																			75.2						74.4
Netsmart, Inc. and Netsmart Technologies, Inc.						Developer and operator of health care software and technology solutions						First lien senior secured loan						9.22%			SOFR (M)			3.75%						06/2022						10/2027									0.2						0.2						0.2			(2)(11)(18)
OpenMarket Inc.						Provider of cloud-based mobile engagement platform						First lien senior secured loan						11.86%			SOFR (Q)			6.25%						09/2021						09/2026									14.8						14.8						14.8			(2)(6)(11)
PDDS HoldCo, Inc. (15)						Provider of cloud-based dental practice management software						First lien senior secured revolving loan						13.10%			SOFR (S)			7.50%						07/2022						07/2028									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						12.96%			SOFR (S)			7.50%						07/2022						07/2028									10.8						10.8						10.8			(2)(11)
																																																			11.0						11.0
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (15)						Provider of enterprise management software for the convenience retail and petroleum wholesale market						First lien senior secured revolving loan						10.02%			SOFR (Q)			4.50%						03/2019						10/2024									7.6						7.6						7.5			(2)(11)
												First lien senior secured loan						10.07%			SOFR (Q)			4.50%						03/2019						10/2024									52.4						52.4						51.8			(2)(11)
												Second lien senior secured loan						14.02%			SOFR (Q)			8.50%						03/2019						10/2025									70.1						70.1						70.1			(2)(11)
												Second lien senior secured loan						14.02%			SOFR (Q)			8.50%						12/2020						10/2025									8.3						8.3						8.3			(2)(11)

See accompanying notes to consolidated financial statements

83

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Second lien senior secured loan						14.05%			SOFR (Q)			8.53%						04/2021						10/2025									8.7						8.7						8.7			(2)(11)
												Second lien senior secured loan						14.23%			SOFR (Q)			8.71%						12/2021						10/2025									7.2						7.2						7.2			(2)(11)
												Second lien senior secured loan						14.02%			SOFR (Q)			8.50%						08/2023						10/2025									6.9						6.9						6.9			(2)(11)
												Series A preferred stock						13.25% PIK												03/2019												13,656									25.4						24.2			(2)
												Class A units																		03/2019												2,062,493									2.1						3.4			(2)
																																																			188.7						188.1
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (15)						Provider of plant maintenance and scheduling software						First lien senior secured loan						10.75%			SOFR (Q)			5.25%						05/2019						05/2025									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.36%			SOFR (Q)			5.75%						06/2020						05/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						10/2020						05/2025									0.3						0.3						0.3			(2)(11)
												Class A units																		05/2019												5,000									5.0						12.3
																																																			5.6						12.9
Perforce Software, Inc. (15)						Developer of software used for application development						First lien senior secured revolving loan						9.86%			SOFR (M)			4.50%						07/2019						07/2026									1.0						1.0						1.0			(2)(14)
Petvisor Holdings, LLC (15)						Provider of veterinarian-focused SaaS solutions						First lien senior secured loan						11.13%			SOFR (Q)			5.75%						06/2022						11/2029									6.0						6.0						6.0			(2)(11)
												First lien senior secured loan						11.02%			SOFR (M)			5.75%						11/2023						11/2029									3.7						3.7						3.7			(2)(11)
																																																			9.7						9.7
Ping Identity Holding Corp. (15)						Provider of identity and access management solutions						First lien senior secured loan						12.36%			SOFR (M)			7.00%						10/2022						10/2029									11.3						11.3						11.3			(2)(11)
Pluralsight, Inc. (15)						Online education learning platform						First lien senior secured revolving loan						13.52%			SOFR (Q)			8.00%						04/2021						04/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						13.56%			SOFR (Q)			8.00%						04/2021						04/2027									106.2						106.2						94.5			(2)(11)
																																																			106.4						94.7
Poplicus Incorporated						Business intelligence and market analytics platform for companies that sell to the public sector						Warrant to purchase shares of Series C preferred stock																		06/2015						06/2025						2,402,991									0.1						—
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (15)						Software provider for medical practitioners						First lien senior secured revolving loan						9.86%			SOFR (M)			4.50%						08/2023						08/2029									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						11.36%			SOFR (M)			6.00%						08/2023						08/2029									36.4						36.4						35.5			(2)(11)
												Senior subordinated loan						14.00% PIK												08/2023						08/2030									40.6						40.6						39.4			(2)
												Class A units						8.00% PIK												03/2021												33,220,282									23.5						33.1			(2)
																																																			101.0						108.5
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15)						Provider of practice management software to law firms						First lien senior secured loan						10.46%			SOFR (M)			5.00%						03/2021						03/2027									9.8						9.8						9.8			(2)(11)
												Limited partnership units																		03/2021												1,624,000									1.6						2.1			(2)
																																																			11.4						11.9

See accompanying notes to consolidated financial statements

84

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc.						Provider of data visualization software for data analytics						Class A common stock																		08/2016												7,445									7.4						17.5			(2)
												Class B common stock																		08/2016												1,841,609									0.1						0.2			(2)
																																																			7.5						17.7
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (15)						Saas provider of automated crew callout and scheduling software for the utility industry						First lien senior secured loan						11.78% (3.25% PIK)			SOFR (Q)			6.25%						04/2021						04/2028									36.6						36.6						33.7			(2)(11)
												Preferred shares						14.85% PIK			SOFR (Q)			9.50%						04/2021												26,436									37.0						34.0			(2)(11)
																																																			73.6						67.7
Project Potter Buyer, LLC and Project Potter Parent, L.P. (15)						Software solutions provider to the ready-mix concrete industry						First lien senior secured revolving loan						12.11%			SOFR (M)			6.75%						04/2020						04/2026									2.1						2.0						2.1			(2)(11)(14)
												First lien senior secured loan						12.11%			SOFR (M)			6.75%						04/2020						04/2027									43.2						43.2						43.2			(2)(11)
												First lien senior secured loan						12.11%			SOFR (M)			6.75%						10/2020						04/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						12.11%			SOFR (M)			6.75%						11/2020						04/2027									11.9						11.9						11.9			(2)(11)
												Class B units																		04/2020												588,636									—						3.5			(2)
																																																			57.2						60.8
Proofpoint, Inc. (15)						Cybersecurity solutions provider						First lien senior secured loan						8.72%			SOFR (M)			3.25%						06/2021						08/2028									1.0						0.9						1.0			(2)(11)(18)
												Second lien senior secured loan						11.72%			SOFR (M)			6.25%						06/2021						08/2029									34.6						34.5						34.6			(2)(11)
																																																			35.4						35.6
PushPay USA Inc. (15)						Provider of software and integrated payment solutions						First lien senior secured loan						12.28%			SOFR (Q)			6.75%						05/2023						05/2030									12.7						12.7						12.6			(2)(11)
QF Holdings, Inc. (15)						SaaS based electronic health record software provider						First lien senior secured loan						11.73%			SOFR (Q)			6.25%						09/2019						12/2027									6.8						6.8						6.8			(2)(11)
												First lien senior secured loan						11.73%			SOFR (Q)			6.25%						08/2020						12/2027									4.9						4.9						4.9			(2)(11)
												First lien senior secured loan						11.73%			SOFR (Q)			6.25%						12/2021						12/2027									8.1						8.1						8.1			(2)(11)
												First lien senior secured loan						11.73%			SOFR (Q)			6.25%						12/2023						12/2027									5.1						5.1						5.1			(2)(11)
																																																			24.9						24.9
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (15)						Provider of SaaS-based safety and security software to the K-12 school market						First lien senior secured loan						10.97%			SOFR (Q)			5.63%						10/2021						10/2028									8.5						8.5						8.5			(2)(11)
												First lien senior secured loan						10.97%			SOFR (Q)			5.63%						04/2023						10/2028									0.1						0.1						0.1			(2)(11)
												Class A common units																		12/2018												2,880,582									3.5						10.0
																																																			12.1						18.6
RealPage, Inc.						Provider of enterprise software solutions to the residential real estate industry						Second lien senior secured loan						11.97%			SOFR (M)			6.50%						04/2021						04/2029									84.1						83.2						84.1			(2)(11)
Regent Education, Inc.						Provider of software solutions designed to optimize the financial aid and enrollment processes						Warrant to purchase shares of common stock																		12/2016						12/2026						5,393,194									—						—
												Warrant to purchase shares of common stock																		12/2016						12/2026						987									—						—
																																																			—						—

See accompanying notes to consolidated financial statements

85

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Relativity ODA LLC (15)						Electronic discovery document review software platform for use in litigations and investigations						First lien senior secured loan						11.96%			SOFR (M)			6.50%						05/2021						05/2027									23.0						23.0						23.0			(2)(11)
Revalize, Inc. (15)						Developer and operator of software providing configuration, price and quote capabilities						First lien senior secured revolving loan						11.23%			SOFR (M)			5.75%						05/2022						04/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.21%			SOFR (M)			5.75%						05/2022						04/2027									0.7						0.7						0.7			(2)(11)
																																																			0.9						0.9
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (15)						Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry						First lien senior secured loan						11.75%			SOFR (Q)			6.25%						12/2021						12/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.60%			SOFR (Q)			6.25%						08/2022						12/2027									0.2						0.2						0.2			(2)(11)
												Class A common stock																		12/2021												465									4.6						4.8			(2)
																																																			4.9						5.1
Smarsh Inc. and Skywalker TopCo, LLC (15)						SaaS based communication archival service provider						First lien senior secured loan						11.10%			SOFR (Q)			5.75%						02/2022						02/2029									1.4						1.4						1.4			(2)(11)
												Common units																		11/2020												1,742,623									6.3						10.5			(2)
																																																			7.7						11.9
SocialFlow, Inc.						Social media optimization platform provider						Warrant to purchase shares of Series C preferred stock																		01/2016						01/2026						215,331									—						—
Sophia, L.P.						Provider of ERP software and services for higher education institutions						Second lien senior secured loan						13.46%			SOFR (M)			8.00%						10/2020						10/2028									105.9						105.9						105.9			(2)(11)
SoundCloud Limited						Platform for receiving, sending, and distributing music						Common stock																		08/2017												73,422									0.4						0.7			(2)(6)
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (15)						Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space						First lien senior secured revolving loan						10.71%			SOFR (M)			5.25%						09/2022						09/2028									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						10.70%			SOFR (Q)			5.25%						09/2022						09/2028									2.5						2.5						2.5			(2)(11)
												Limited partner interests																		09/2022												1,010									10.2						13.2			(2)
																																																			12.9						15.9
Storable, Inc. and EQT IX Co-Investment (E) SCSP						Payment management system solutions and web services for the self-storage industry						Second lien senior secured loan						11.93%			SOFR (S)			6.75%						04/2021						04/2029									42.8						42.8						42.4			(2)(11)
												Second lien senior secured loan						11.93%			SOFR (S)			6.75%						03/2022						04/2029									10.3						10.3						10.2			(2)(11)
												Limited partnership interests																		04/2021												614,950									6.2						9.0			(2)(6)
																																																			59.3						61.6
Sundance Group Holdings, Inc. (15)						Provider of cloud-based document management and collaboration solutions						First lien senior secured revolving loan						11.73%			SOFR (Q)			6.25%						07/2021						07/2027									1.5						1.4						1.5			(2)(11)
												First lien senior secured loan						11.73%			SOFR (Q)			6.25%						07/2021						07/2027									20.1						19.9						20.1			(2)(11)

See accompanying notes to consolidated financial statements

86

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.74%			SOFR (Q)			6.25%						11/2022						07/2027									0.8						0.8						0.8			(2)(11)
																																																			22.1						22.4
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (15)						Provider of environment, health, safety, and sustainability software						First lien senior secured loan						11.28%			SOFR (Q)			5.75%						03/2022						03/2028									34.8						34.8						34.4			(2)(11)
												First lien senior secured loan						11.27%			SOFR (Q)			5.75%						10/2023						03/2028									5.0						5.0						4.9			(2)(11)
												Class A-2 units																		03/2022												5,057									5.1						4.6
																																																			44.9						43.9
TCP Hawker Intermediate LLC (15)						Workforce management solutions provider						First lien senior secured loan						11.00%			SOFR (Q)			5.50%						08/2019						08/2026									34.1						34.1						34.1			(2)(11)
												First lien senior secured loan						11.00%			SOFR (Q)			5.50%						12/2020						08/2026									6.5						6.5						6.5			(2)(11)
												First lien senior secured loan						11.00%			SOFR (Q)			5.50%						10/2021						08/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						10/2023						08/2026									7.3						7.3						7.3			(2)(11)
																																																			48.0						48.0
UKG Inc. and H&F Unite Partners, L.P. (15)						Provider of cloud based HCM solutions for businesses						First lien senior secured revolving loan						9.11%			SOFR (M)			3.75%						05/2019						02/2026									1.4						1.4						1.4			(2)(6)(14)
												Limited partnership interests																		05/2019												12,583,556									12.6						19.3			(2)(6)
																																																			14.0						20.7
UserZoom Technologies, Inc.						User experience research automation software						First lien senior secured loan						12.99%			SOFR (Q)			7.50%						02/2023						04/2029									5.8						5.7						5.8			(2)(11)
WebPT, Inc. (15)						Electronic medical record software provider						First lien senior secured revolving loan						12.22%			SOFR (Q)			6.75%						08/2019						01/2028									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						12.24%			SOFR (Q)			6.75%						08/2019						01/2028									0.1						0.1						0.1			(2)(11)
																																																			0.3						0.3
Wellness AcquisitionCo, Inc. (15)						Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry						First lien senior secured loan						10.99%			SOFR (Q)			5.50%						01/2021						01/2027									0.1						0.1						0.1			(2)(11)
WorkWave Intermediate II, LLC (15)						Provider of cloud-based field services and fleet management solutions						First lien senior secured loan						11.95%			SOFR (Q)			6.50%						06/2021						06/2027									51.6						51.6						51.6			(2)(11)
												First lien senior secured loan						11.95%			SOFR (Q)			6.50%						02/2022						06/2027									18.8						18.8						18.8			(2)(11)
																																																			70.4						70.4
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15)						Provider of cloud-based customer support solutions						First lien senior secured loan						11.61% (2.75% PIK)			SOFR (Q)			6.25%						12/2022						11/2028									43.6						43.6						43.6			(2)(11)
												Series A preferred stock						12.50% PIK												11/2022												27,226									31.2						30.6			(2)
												Class A common units																		11/2022												269,100									2.7						2.8			(2)
																																																			77.5						77.0
																																																			5,362.2						5,293.6						47.26%
Health Care Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15)						Dental services provider						First lien senior secured revolving loan						16.50% (7.00% PIK)			Base Rate (Q)			8.00%						06/2021						06/2026									0.8						0.8						0.8			(2)(11)

See accompanying notes to consolidated financial statements

87

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured revolving loan						14.61% (7.00% PIK)			SOFR (Q)			9.00%						06/2021						06/2026									8.7						8.7						8.7			(2)(11)
												First lien senior secured loan						14.61% (7.00% PIK)			SOFR (Q)			9.00%						06/2021						06/2026									54.9						54.9						54.9			(2)(11)
												Class A common units																		06/2021												6,580,219									4.7						7.6			(2)
																																																			69.1						72.0
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(15)						Dental services provider						First lien senior secured loan						9.50% (3.00% PIK)			SOFR (S)			4.00%						09/2016						09/2026									15.0						15.0						15.0			(2)(11)
												Second lien senior secured loan						10.00% PIK												06/2023						03/2027									32.0						32.0						32.0			(2)
												Membership units																		09/2016												3,000,000									—						—			(2)
												Class A common units																		06/2023												10,000,000									29.4						18.6			(2)
																																																			76.4						65.6
Advarra Holdings, Inc. (15)						Provider of central institutional review boards over clinical trials						First lien senior secured loan						10.61%			SOFR (M)			5.25%						08/2022						08/2029									4.0						4.0						4.0			(2)(11)
AHR Funding Holdings, Inc. and AHR Parent Holdings, LP						Provider of revenue cycle management solutions to hospitals						Series A preferred shares						12.75% PIK												07/2022						07/2028						35,000									42.0						42.0			(2)
												Preferred units						8.00% PIK												07/2022												9,900									11.1						13.3			(2)
												Class B common units																		07/2022												100,000									0.1						0.1			(2)
																																																			53.2						55.4
Amerivet Partners Management, Inc. and AVE Holdings LP (15)						Veterinary practice management platform						Subordinated loan						16.50% PIK												11/2023						12/2030									48.4						46.9						45.5			(2)
												Class C units																		11/2023												7,144									1.4						1.4			(2)
																																																			48.3						46.9
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (15)(16)						Revenue cycle management provider to the physician practices and acute care hospitals						First lien senior secured loan						8.61%			SOFR (M)			3.25%						07/2023						02/2029									0.1						0.1						0.1			(2)(11)(18)
												Series A preferred stock						10.75% PIK												02/2022												198,505									242.8						233.1			(2)
												Class A units																		02/2022												10,487,951									10.5						12.8			(2)
																																																			253.4						246.0
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP						Opioid treatment provider						First lien senior secured loan						10.61%			SOFR (Q)			5.00%						05/2022						06/2027									5.9						6.0						5.8			(2)(11)
Bambino Group Holdings, LLC						Dental services provider						Class A preferred units																		12/2016												1,000,000									1.0						0.9			(2)
Center for Autism and Related Disorders, LLC (15)						Autism treatment and services provider specializing in applied behavior analysis therapy						First lien senior secured revolving loan																		11/2018						11/2023									6.8						—						—			(2)(10)(14)
												First lien senior secured revolving loan																		01/2022						11/2023									1.0						—						—			(2)(10)(14)
												First lien senior secured loan																		06/2023						08/2023									2.4						—						—			(2)(10)
																																																			—						—
Color Intermediate, LLC						Provider of pre-payment integrity software solution						First lien senior secured loan						10.95%			SOFR (Q)			5.50%						10/2022						10/2029									20.2						20.2						20.2			(2)(11)

See accompanying notes to consolidated financial statements

88

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Comprehensive EyeCare Partners, LLC (15)						Vision care practice management company						First lien senior secured revolving loan						12.11% (2.50% PIK)			SOFR (Q)			6.50%						02/2018						02/2025									1.9						1.9						1.7			(2)(11)
												First lien senior secured loan						12.11% (2.50% PIK)			SOFR (Q)			6.50%						02/2018						02/2025									0.3						0.3						0.3			(2)(11)
																																																			2.2						2.0
Convey Health Solutions, Inc.						Healthcare workforce management software provider						First lien senior secured loan						10.70%			SOFR (Q)			5.25%						09/2019						09/2026									2.7						2.7						2.3			(2)(6)(11)
												First lien senior secured loan						10.70%			SOFR (Q)			5.25%						02/2022						09/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						10.70%			SOFR (Q)			5.25%						10/2022						09/2026									0.1						0.1						0.1			(2)(6)(11)
																																																			2.9						2.5
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (15)						Provider of medical devices and services for the treatment of positional plagiocephaly						First lien senior secured loan						11.00%			SOFR (Q)			5.50%						03/2022						03/2029									24.3						24.3						23.1			(2)(11)
												Class A shares																		03/2022												192									1.9						1.2			(2)
												Common units																		03/2022												31									0.3						0.2			(2)
																																																			26.5						24.5
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15)						Veterinary hospital operator						First lien senior secured loan						11.85%			SOFR (M)			6.40%						10/2019						10/2025									32.1						32.1						32.1			(2)(11)
												First lien senior secured loan						11.36%			SOFR (M)			5.90%						04/2021						10/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.36%			SOFR (M)			5.90%						01/2022						10/2025									40.1						40.1						40.1			(2)(11)
												First lien senior secured loan						11.71%			SOFR (M)			6.25%						10/2022						10/2025									9.5						9.5						9.5			(2)(11)
												Class A preferred units						15.00% PIK												08/2023												1,508									0.9						0.9			(2)
												Common stock																		10/2019												41,443									14.5						24.4			(2)
																																																			97.2						107.1
Evolent Health LLC and Evolent Health, Inc.						Medical technology company focused on value based care services and payment solutions						Series A preferred shares						11.48%			SOFR (Q)			6.00%						01/2023						01/2029						3,834									3.8						4.3			(2)(6)(11)
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC						On-demand supply chain automation solutions provider to the healthcare industry						Second lien senior secured loan						12.25%			SOFR (Q)			6.75%						05/2021						05/2029									114.0						114.0						112.9			(2)(11)
												Class A units																		06/2017												15,706,534									17.4						31.1			(2)
																																																			131.4						144.0
Global Medical Response, Inc. and GMR Buyer Corp.						Emergency air medical services provider						First lien senior secured loan						9.93%			SOFR (Q)			4.25%						06/2022						10/2025									28.7						26.7						22.4			(2)(11)(18)
												First lien senior secured loan						9.89%			SOFR (Q)			4.25%						06/2022						03/2025									12.4						11.9						9.6			(2)(11)(18)
												Second lien senior secured loan						12.10%			SOFR (Q)			6.75%						12/2021						12/2029									95.4						95.4						74.4			(2)(11)
												Warrant to purchase units of common stock																		03/2018						03/2028						115,733									0.9						1.1			(2)
												Warrant to purchase units of common stock																		12/2021						12/2031						1,927									0.1						—			(2)
																																																			135.0						107.5
Hanger, Inc. (15)						Provider of orthotic and prosthetic equipment and services						First lien senior secured loan						11.61%			SOFR (M)			6.25%						10/2022						10/2028									53.7						53.7						53.7			(2)(11)
												First lien senior secured loan						11.61%			SOFR (M)			6.25%						10/2022						10/2028									0.1						0.1						0.1			(11)

See accompanying notes to consolidated financial statements

89

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.61%			SOFR (M)			6.25%						07/2023						10/2028									16.7						16.7						16.7			(2)(11)
												Second lien senior secured loan						15.11%			SOFR (M)			9.75%						10/2022						10/2029									110.6						110.6						110.6			(2)(11)
												Second lien senior secured loan						15.11%			SOFR (M)			9.75%						07/2023						10/2029									15.4						15.4						15.4			(2)(11)
																																																			196.5						196.5
HealthEdge Software, Inc. (15)						Provider of financial, administrative and clinical software platforms to the healthcare industry						First lien senior secured revolving loan																		12/2021						04/2026									—						—						—			(2)(13)
												First lien senior secured loan						11.71%			SOFR (M)			6.25%						12/2021						04/2026									95.5						95.5						95.5			(2)(11)
												First lien senior secured loan						11.71%			SOFR (M)			6.25%						12/2022						04/2026									6.2						6.2						6.2			(2)(11)
																																																			101.7						101.7
Honor Technology, Inc.						Nursing and home care provider						First lien senior secured loan						15.46%			SOFR (M)			10.00%						08/2021						08/2026									2.5						2.4						2.3			(2)(11)
												Warrant to purchase shares of Series D-2 preferred stock																		08/2021						08/2031						133,333									0.1						—			(2)
																																																			2.5						2.3
JDC Healthcare Management, LLC						Dental services provider						Senior subordinated loan																		09/2023						09/2029									12.2						0.7						0.4			(2)(10)
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15)						Provider of behavioral health services						First lien senior secured revolving loan						12.02% (1.50% PIK)			SOFR (Q)			6.50%						03/2017						03/2026									3.2						3.2						2.9			(2)(11)
Lifescan Global Corporation						Provider of blood glucose monitoring systems for home and hospital use						First lien senior secured loan						11.98%			SOFR (S)			6.50%						05/2022						12/2026									12.6						12.0						9.3			(2)(11)(18)
												Second lien senior secured loan																		05/2022						03/2027									0.2						0.2						0.1			(2)(10)(18)
																																																			12.2						9.4
Medline Borrower, LP (15)						Manufacturer and distributor of medical supplies						First lien senior secured revolving loan																		10/2021						10/2026									—						—						—			(2)(13)
Napa Management Services Corporation and ASP NAPA Holdings, LLC						Anesthesia management services provider						Preferred units						15.00% PIK												06/2020												1,842									0.2						0.2			(2)
												Senior preferred units						8.00% PIK												06/2020												5,320									0.4						0.4			(2)
												Class A units																		04/2016												25,277									2.5						3.5			(2)
																																																			3.1						4.1
Next Holdco, LLC (15)						Provider of electronic medical record and practice management software						First lien senior secured loan						11.37%			SOFR (M)			6.00%						11/2023						11/2030									6.5						6.5						6.4			(2)(11)
NMN Holdings III Corp. and NMN Holdings LP (15)						Provider of complex rehabilitation technology solutions for patients with mobility loss						First lien senior secured revolving loan						11.25%			Base Rate (S)			2.75%						11/2018						08/2025									1.0						1.0						1.0			(2)(14)
												Partnership units																		11/2018												30,000									3.0						5.3			(2)
																																																			4.0						6.3
Nomi Health, Inc.						Provider of software payment services for healthcare industry						First lien senior secured loan						13.64%			SOFR (S)			8.25%						07/2023						07/2028									11.4						11.4						11.1			(2)(11)
												Warrant to purchase shares of Series B preferred stock																		07/2023						07/2033						9,941									—						—			(2)
																																																			11.4						11.1

See accompanying notes to consolidated financial statements

90

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
NSPC Intermediate Corp. and NSPC Holdings, LLC						Acute and chronic pain treatment provider						Common units																		02/2023												1,182									—						—			(2)
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(15)						Behavioral health and special education platform provider						First lien senior secured loan																		09/2019						02/2027									56.9						49.3						33.0			(2)(10)
												First lien senior secured loan																		02/2022						02/2027									11.6						10.2						6.7			(2)(10)
												First lien senior secured loan						15.02% PIK			SOFR (Q)			9.50%						01/2023						02/2027									3.2						3.1						3.2			(2)(11)
												Preferred units																		07/2021						04/2024						417,189									0.3						—			(2)
												Preferred stock																		02/2022												7,983									3.1						—			(2)
												Class A common units																		09/2019												9,549,000									9.5						—			(2)
												Common units																		02/2022												7,584									—						—			(2)
																																																			75.5						42.9
OMH-HealthEdge Holdings, LLC (15)						Revenue cycle management provider to the healthcare industry						First lien senior secured loan						11.35%			SOFR (Q)			6.00%						10/2023						10/2029									97.6						97.6						95.2			(2)(11)
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (15)						Medical device company						First lien senior secured revolving loan						9.38%			SOFR (M)			4.00%						11/2023						11/2028									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						12.13% (3.38% PIK)			SOFR (Q)			6.75%						11/2023						11/2028									24.0						24.0						23.4			(2)(6)(11)
																																																			24.1						23.5
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (15)						Veterinary hospital operator						First lien senior secured revolving loan																		03/2020						03/2025									—						—						—			(2)(13)
												Second lien senior secured loan						13.22%			SOFR (M)			7.75%						03/2020						03/2028									76.3						76.3						67.9			(2)(11)
												Class R common units																		03/2020												6,004,768									6.0						2.7			(2)
																																																			82.3						70.6
PetVet Care Centers, LLC (15)						Veterinary hospital operator						First lien senior secured loan						11.36%			SOFR (M)			6.00%						11/2023						11/2030									132.8						132.8						130.1			(2)(11)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (15)						Provider of employer-sponsored onsite health and wellness clinics and pharmacies						First lien senior secured revolving loan																		07/2018						04/2025									—						—						—			(2)(13)
												First lien senior secured loan						9.25%			SOFR (Q)			3.75%						07/2018						07/2025									8.5						8.5						8.3			(2)(11)
												Second lien senior secured loan						13.00%			SOFR (Q)			7.50%						07/2018						07/2026									67.1						66.9						65.8			(2)
												Class A units																		07/2018												9,775									9.8						15.1			(2)
																																																			85.2						89.2
Project Ruby Ultimate Parent Corp.						Provider of care coordination and transition management software solutions						First lien senior secured loan						10.22%			SOFR (M)			4.75%						10/2023						03/2028									17.2						17.2						17.2			(2)(11)
												Second lien senior secured loan						11.97%			SOFR (M)			6.50%						03/2021						03/2029									193.1						193.1						191.1			(2)(11)
																																																			210.3						208.3
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15)						Manufacturer of biologic, metal and synthetic implants/devices						First lien senior secured revolving loan						12.21%			SOFR (M)			6.75%						07/2020						07/2026									12.4						12.4						12.4			(2)(11)
												First lien senior secured loan						12.40%			SOFR (Q)			6.75%						07/2020						07/2026									22.3						22.3						22.3			(2)(11)
																																																			34.7						34.7

See accompanying notes to consolidated financial statements

91

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (15)						Outsourced anesthesia provider						First lien senior secured loan						10.75%			SOFR (Q)			5.25%						03/2018						03/2025									8.2						8.2						8.2			(2)(11)
												Common units																		03/2018												684,854									4.8						1.3			(2)
																																																			13.0						9.5
SM Wellness Holdings, Inc. and SM Holdco, LLC (15)						Breast cancer screening provider						Series D units						8.00% PIK												03/2023												1,127									1.2						1.4			(2)
												Series A units																		08/2018												8,041									8.0						9.9			(2)
												Series B units																		08/2018												916,795									—						—			(2)
																																																			9.2						11.3
SOC Telemed, Inc. and PSC Spark Holdings, LP						Provider of acute care telemedicine						First lien senior secured loan						13.85% PIK			SOFR (Q)			8.50%						08/2022						08/2027									96.0						92.6						92.2			(2)(11)
												Class A-2 units																		08/2022												4,812									4.9						4.6			(2)
												Warrant to purchase units of common stock																		08/2022						08/2029						6,118									4.7						3.3			(2)
																																																			102.2						100.1
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15)						SaaS based healthcare compliance platform provider						First lien senior secured revolving loan						9.11%			SOFR (M)			3.75%						12/2020						12/2025									2.7						2.7						2.3			(2)
												First lien senior secured loan						9.98%			SOFR (Q)			4.50%						02/2022						12/2027									12.5						12.5						11.2			(2)(11)(18)
												Second lien senior secured loan						13.36%			SOFR (Q)			7.88%						12/2020						12/2028									76.2						76.2						67.9			(2)(11)
												Series C-1 preferred shares						11.00% PIK												06/2021												75,939									105.9						84.8			(2)
												Series C-2 preferred shares						11.00% PIK												06/2021												40,115									53.0						42.4			(2)
												Series C-3 preferred shares						11.00% PIK												10/2021												16,201									20.7						16.5			(2)
																																																			271.0						225.1
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15)						Franchisor of private-pay home care for the elderly						First lien senior secured loan						11.25%			SOFR (Q)			5.75%						04/2018						04/2026									13.1						13.1						13.1			(2)(11)
												Common units																		04/2018												550									0.5						1.2
																																																			13.6						14.3
Tempus Labs, Inc.						Provider of technology enabled precision medicine solutions						First lien senior secured loan						13.65% (3.25% PIK)			SOFR (Q)			8.25%						09/2022						09/2027									72.6						72.6						72.6			(2)(11)
												First lien senior secured loan						13.64% (3.25% PIK)			SOFR (Q)			8.25%						04/2023						09/2027									21.1						21.1						21.1			(2)(11)
												First lien senior secured loan						13.66% (3.25% PIK)			SOFR (S)			8.25%						10/2023						09/2027									9.0						9.0						9.0			(2)(11)
												Series G-4 preferred stock																		10/2023												32,282									1.8						1.8			(2)
																																																			104.5						104.5
Therapy Brands Holdings LLC						Provider of software solutions for the mental and behavioral health market segments						Second lien senior secured loan						12.22%			SOFR (M)			6.75%						06/2021						05/2029									29.1						28.9						27.6			(2)(11)
Touchstone Acquisition, Inc. and Touchstone Holding, L.P.						Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-markets						Class A preferred units						8.00% PIK												11/2018												2,149									3.2						4.3			(2)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.						Anesthesiology service provider						Second lien senior secured loan						12.96%			SOFR (M)			7.50%						10/2021						10/2029									147.8						147.8						133.0			(2)(11)
												Common stock																		12/2021												3,671,429									12.9						9.6			(2)

See accompanying notes to consolidated financial statements

92

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			160.7						142.6
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (15)						Gastroenterology physician group						First lien senior secured loan						12.25%			SOFR (Q)			6.75%						03/2023						03/2029									10.3						10.3						10.3			(2)(11)
												Class A interests																		03/2023												4,623									4.6						4.5
																																																			14.9						14.8
Viant Medical Holdings, Inc.						Manufacturer of plastic and rubber components for health care equipment						First lien senior secured loan						9.22%			SOFR (M)			3.75%						05/2022						07/2025									3.9						3.8						3.9			(2)(18)
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15)						Veterinary hospital operator						First lien senior secured loan						11.71%			SOFR (M)			6.25%						12/2021						12/2027									6.1						6.1						6.1			(2)(11)
												First lien senior secured loan						11.96%			SOFR (M)			6.50%						08/2022						12/2027									9.2						9.2						9.2			(2)(11)
												First lien senior secured loan						12.10%			SOFR (M)			6.75%						08/2023						12/2027									3.0						3.0						3.0			(2)(11)
												Class A-2 units																		12/2021												7,524									7.5						10.8			(2)
												Class A-2 units																		03/2023												45									0.1						0.1			(2)
																																																			25.9						29.2
Wellpath Holdings, Inc. (15)						Correctional facility healthcare operator						First lien senior secured revolving loan						11.07%			SOFR (Q)			5.25%						10/2018						10/2024									6.2						6.2						5.2			(2)(14)
												First lien senior secured loan						11.32%			SOFR (Q)			5.50%						09/2018						10/2025									30.3						30.2						25.4			(2)(18)
																																																			36.4						30.6
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15)						Provider of biospecimen products for pharma research						First lien senior secured revolving loan						12.00%			SOFR (Q)			6.50%						03/2018						03/2028									15.3						15.3						14.5			(2)(11)(14)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						03/2018						03/2028									32.7						32.7						31.1			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						02/2019						03/2028									4.4						4.4						4.2			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						08/2019						03/2028									13.7						13.7						13.0			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						10/2019						03/2028									10.6						10.6						10.1			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						10/2021						03/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						11/2021						03/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						07/2022						03/2028									30.8						30.8						29.2			(2)(11)
												Common units																		07/2022												34,163									4.9						4.5
																																																			112.6						106.8
																																																			2,914.8						2,768.9						24.72%
Financial Services
AQ Sage Buyer, LLC (15)						Provider of actuarial consulting and comprehensive wealth management services						First lien senior secured loan						11.52%			SOFR (Q)			6.00%						05/2022						01/2027									3.0						3.0						2.9			(2)(6)(11)
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC						Provider of comprehensive suite of investment management and wealth planning solutions						First lien senior secured loan						12.28%			SOFR (Q)			6.75%						09/2021						09/2027									0.2						0.2						0.2			(2)(11)
												Senior subordinated loan						9.30% PIK												09/2021						09/2026									5.5						5.5						5.5			(2)
												Common units																		09/2021												5,503,959									5.5						4.5			(2)
																																																			11.2						10.2
Beacon Pointe Harmony, LLC (15)						Provider of comprehensive wealth management services						First lien senior secured loan						10.86%			SOFR (M)			5.50%						12/2021						12/2028									19.8						19.8						19.8			(2)(6)(11)

See accompanying notes to consolidated financial statements

93

---

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						10.86%			SOFR (M)			5.50%						07/2023						12/2028									1.0						1.0						1.0			(2)(6)(11)
												First lien senior secured loan						11.11%			SOFR (M)			5.75%						07/2023						12/2028									0.1						0.1						0.1			(2)(6)(11)
																																																			20.9						20.9
Cliffwater LLC (15)						Provider of alternative investment advisory services						First lien senior secured loan						11.36%			SOFR (M)			6.00%						10/2023						10/2030									4.1						4.1						4.0			(2)(6)(11)
Convera International Holdings Limited and Convera International Financial S.A R.L. (15)						Provider of B2B international payment and FX risk management solutions						First lien senior secured loan						11.50%			SOFR (Q)			6.00%						03/2022						03/2028									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						06/2023						03/2028									0.1						0.1						0.1			(2)(6)(11)
																																																			0.2						0.2
Corient Holdings, Inc.						Global wealth management firm						Series A preferred stock																		05/2023												41,427									41.4						45.4			(2)
CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC						Mortgage company originating loans in the retail and consumer direct channels						Series D preferred units																		11/2023												90,577									24.9						24.9
DFC Global Facility Borrower III LLC (15)						Non-bank provider of alternative financial services						First lien senior secured revolving loan						12.94%			SOFR (M)			7.50%						04/2023						04/2028									99.2						98.3						99.2			(2)(6)(9)(11)
eCapital Finance Corp.						Consolidator of commercial finance businesses						Senior subordinated loan						13.19%			SOFR (M)			7.75%						01/2020						12/2025									56.0						56.0						56.0			(2)(11)
												Senior subordinated loan						13.19%			SOFR (M)			7.75%						11/2020						12/2025									5.4						5.4						5.4			(2)(11)
												Senior subordinated loan						13.19%			SOFR (M)			7.75%						01/2022						12/2025									24.3						24.3						24.3			(2)(11)
												Senior subordinated loan						13.19%			SOFR (M)			7.75%						04/2022						12/2025									55.8						55.8						55.8			(2)(11)
												Senior subordinated loan						13.19%			SOFR (M)			7.75%						10/2023						12/2025									12.3						12.3						12.3			(2)(11)
																																																			153.8						153.8
EP Wealth Advisors, LLC (15)						Wealth management and financial planning firm						First lien senior secured revolving loan						10.87%			SOFR (Q)			5.38%						09/2020						09/2026									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						10.87%			SOFR (Q)			5.38%						09/2020						09/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.00%			SOFR (Q)			5.50%						09/2020						09/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.00%			SOFR (Q)			5.50%						11/2021						09/2026									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						11.26%			SOFR (Q)			5.75%						11/2022						09/2026									5.7						5.7						5.7			(2)(11)
																																																			6.7						6.7
GTCR F Buyer Corp. and GTCR (D) Investors LP (15)(16)						Provider of end-to-end tech-enabled administrative services to private foundations						First lien senior secured loan						11.36%			SOFR (M)			6.00%						09/2023						09/2030									4.3						4.3						4.2			(2)(11)
												Limited partnership interests																		09/2023												4,588,148									4.6						4.8			(2)
																																																			8.9						9.0
HighTower Holding, LLC						Provider of investment, financial and retirement planning services						Senior subordinated loan						6.75%												06/2022						04/2029									8.1						6.9						7.3			(2)(6)(18)
Ivy Hill Asset Management, L.P. (5)						Asset management services						Subordinated revolving loan						12.01%			SOFR (Q)			6.50%						02/2018						01/2030									62.0						62.0						62.0			(6)(11)
												Member interest (100.00% interest)																		06/2009												100.00%									1,700.5						1,924.6			(6)
																																																			1,762.5						1,986.6

See accompanying notes to consolidated financial statements

94

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Lido Advisors, LLC (15)						Wealth management and financial planning firm						First lien senior secured revolving loan						11.48%			SOFR (Q)			6.00%						06/2021						06/2027									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						11.53%			SOFR (Q)			6.00%						06/2023						06/2027									1.6						1.6						1.6			(2)(11)
																																																			2.2						2.2
LS DE LLC and LM LSQ Investors LLC						Asset based lender						Senior subordinated loan						12.00% (0.50% PIK)												06/2015						03/2025									37.1						37.1						36.4			(2)(6)
												Senior subordinated loan						12.00% (0.50% PIK)												06/2017						03/2025									3.0						3.0						3.0			(2)(6)
												Membership units																		06/2015												3,275,000									3.3						2.0			(6)
																																																			43.4						41.4
Monica Holdco (US) Inc. (15)						Investment technology and advisory firm						First lien senior secured revolving loan						12.28%			SOFR (Q)			6.75%						01/2021						01/2026									3.6						3.6						3.6			(2)(11)
												First lien senior secured loan						12.25%			SOFR (Q)			6.75%						01/2021						01/2028									2.5						2.5						2.5			(2)(11)
																																																			6.1						6.1
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (15)(16)						Provider of comprehensive wealth management services and registered investment advisor						First lien senior secured loan						12.21%			SOFR (M)			6.75%						05/2023						05/2029									3.9						3.9						3.9			(2)(6)(11)
												First lien senior secured loan						12.11%			SOFR (M)			6.75%						09/2023						05/2029									8.0						8.0						8.0			(2)(6)(11)
												Limited partnership interests																		09/2023												1,644,799									1.6						1.6			(6)
																																																			13.5						13.5
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (15)						Provider of comprehensive wealth management services						First lien senior secured loan						11.62%			SOFR (Q)			6.25%						08/2023						08/2029									6.7						6.7						6.7			(2)(6)(11)
												Preferred units																		07/2023												6,431,667									6.5						6.4			(6)
																																																			13.2						13.1
Petrus Buyer, Inc. (15)						Provider of REIT research data and analytics						First lien senior secured loan						11.99%			SOFR (Q)			6.50%						11/2022						10/2029									5.0						5.0						5.0			(2)(11)
Priority Holdings, LLC and Priority Technology Holdings, Inc.						Provider of merchant acquiring and payment processing solutions						First lien senior secured loan						11.22%			SOFR (M)			5.75%						04/2021						04/2027									9.0						9.0						9.0			(2)(6)(11)
												Senior preferred stock						17.59% (7.00% PIK)			SOFR (Q)			12.00%						04/2021												65,761									74.5						78.5			(2)(6)(11)
												Warrant to purchase shares of common stock																		04/2021						04/2031						527,226									4.0						1.9			(2)(6)(18)
																																																			87.5						89.4
Rialto Management Group, LLC (15)						Investment and asset management platform focused on real estate						First lien senior secured revolving loan																		11/2018						12/2025									—						—						—			(2)(6)(13)
												First lien senior secured loan						10.96%			SOFR (M)			5.50%						11/2018						12/2025									0.3						0.3						0.3			(2)(6)(11)
												First lien senior secured loan						10.96%			SOFR (M)			5.50%						04/2021						12/2025									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						10.86%			SOFR (M)			5.50%						12/2021						12/2025									0.1						0.1						0.1			(2)(6)(11)
																																																			0.5						0.5
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (15)						Wealth management platform						First lien senior secured loan						10.78%			SOFR (S)			5.25%						12/2023						10/2028									2.0						1.9						1.9			(2)(6)(11)
TA/WEG Holdings, LLC (15)						Wealth management and financial planning firm						First lien senior secured loan						11.23%			SOFR (Q)			5.75%						10/2019						10/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.23%			SOFR (Q)			5.75%						11/2020						10/2027									0.1						0.1						0.1			(2)(11)

See accompanying notes to consolidated financial statements

95

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.23%			SOFR (Q)			5.75%						06/2021						10/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.12%			SOFR (A)			5.75%						08/2021						10/2027									0.1						0.1						0.1			(2)(11)
																																																			0.4						0.4
The Edelman Financial Center, LLC						Provider of investment, financial and retirement planning services						Second lien senior secured loan						12.22%			SOFR (M)			6.75%						09/2022						07/2026									19.3						17.9						19.3			(2)(6)(18)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (15)						Provider of comprehensive wealth management services						First lien senior secured revolving loan						13.50%			Base Rate (Q)			5.00%						03/2022						03/2028									0.2						0.2						0.2			(2)(6)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						03/2022						03/2028									3.9						3.9						3.8			(2)(6)(11)
												Senior subordinated loan						12.00% PIK												03/2022						03/2029									3.4						3.4						3.2			(2)(6)
												Series A preferred units																		03/2022												7,199									7.2						4.0			(2)(6)
												Common units																		03/2022												7,199									—						—			(2)(6)
																																																			14.7						11.2
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (15)						Provider of asset-servicing capabilities for fund managers						First lien senior secured revolving loan						10.50%			SOFR (Q)			5.00%						02/2019						02/2026									0.8						0.8						0.8			(2)(11)
												First lien senior secured loan						9.95%			SOFR (Q)			4.50%						02/2019						02/2026									37.0						37.0						36.6			(2)(11)
												Class A units						8.00% PIK												09/2019												1,443									2.1						2.8
												Class A units																		02/2019												245									0.2						—
												Class B units																		02/2019												2,167,424									—						—
												Class B units																		02/2019												245,194									—						—
																																																			40.1						40.2
Waverly Advisors, LLC and WAAM Topco, LLC (15)						Wealth management and financial planning firm						First lien senior secured loan						11.25%			SOFR (Q)			5.75%						03/2022						03/2028									0.7						0.7						0.7			(2)(6)(11)
												Class A units																		06/2023												1,432,867									1.7						1.8			(6)
																																																			2.4						2.5
																																																			2,391.6						2,617.8						23.37%
Commercial and Professional Services
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (15)						Provider of outsourced crew accommodations and logistics management solutions to the airline industry						First lien senior secured revolving loan						12.25%			SOFR (Q)			6.75%						05/2018						05/2025									4.1						4.1						4.1			(2)(11)
												Class A common units																		05/2018												236,358									4.3						35.5
																																																			8.4						39.6
Aero Operating LLC						Provider of snow removal and melting service for airports and marine terminals						First lien senior secured loan						14.54%			SOFR (Q)			9.00%						02/2020						02/2026									35.8						35.8						30.4			(2)(11)
												First lien senior secured loan						14.54%			SOFR (Q)			9.00%						12/2021						02/2026									1.1						1.1						1.0			(2)(11)
																																																			36.9						31.4
AI Fire Buyer, Inc. and AI Fire Parent LLC (15)						Provider of fire safety and life safety services						First lien senior secured loan						11.15%			SOFR (S)			5.50%						03/2021						03/2027									3.9						3.9						3.9			(2)(11)
												First lien senior secured loan						11.10%			SOFR (Q)			5.50%						06/2022						03/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.14%			SOFR (S)			5.75%						11/2023						03/2027									2.8						2.8						2.8			(2)(11)

See accompanying notes to consolidated financial statements

96

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Second lien senior secured loan						16.18% PIK			SOFR (Q)			10.75%						03/2021						09/2027									53.5						53.5						53.5			(2)(11)
												Second lien senior secured loan						16.18% PIK			SOFR (Q)			10.75%						05/2022						09/2027									12.1						12.1						12.1			(2)(11)
												Second lien senior secured loan						16.18% PIK			SOFR (Q)			10.75%						06/2022						09/2027									11.7						11.7						11.7			(2)(11)
												Common units																		03/2021												46,990									4.7						9.7			(2)
																																																			88.8						93.8
Applied Technical Services, LLC (15)						Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers						First lien senior secured revolving loan						13.25%			Base Rate (Q)			4.75%						05/2022						12/2026									2.1						2.0						2.1			(2)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						05/2022						12/2026									1.0						1.0						1.0			(2)(11)
												First lien senior secured loan						11.52%			SOFR (Q)			6.00%						09/2023						12/2026									2.8						2.7						2.8			(2)(11)
																																																			5.7						5.9
Argenbright Holdings V, LLC and Amberstone Security Group Limited (15)						Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services						First lien senior secured loan						12.78%			SOFR (Q)			7.25%						11/2021						11/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						12.78%			SOFR (Q)			7.25%						08/2022						11/2026									6.1						5.9						6.2			(2)(6)(11)
																																																			6.0						6.3
BH-Sharp Holdings LP						Provider of commercial knife sharpening and cutlery services in the restaurant industry						Common units																		03/2017												2,950,000									3.0						4.6			(2)
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP (15)						Outsourced supply chain solutions provider to operators of distribution centers						First lien senior secured revolving loan																		11/2020						11/2025									—						—						—			(2)(13)
												First lien senior secured loan						10.21%			SOFR (M)			4.75%						11/2020						11/2027									0.2						0.2						0.2			(2)(11)
												Second lien senior secured loan						14.21%			SOFR (M)			8.75%						11/2020						11/2028									68.3						68.3						68.3			(2)(11)
												Class A units																		11/2020												10,581									10.6						19.0			(2)
																																																			79.1						87.5
Compex Legal Services, Inc. (15)						Provider of outsourced litgated and non-litigated medical records retrieval services						First lien senior secured revolving loan						10.94%			SOFR (Q)			5.45%						05/2022						02/2025									1.1						1.0						1.1			(2)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						07/2023						02/2026									2.0						2.0						2.0			(2)(11)
																																																			3.0						3.1
DTI Holdco, Inc. and OPE DTI Holdings, Inc.						Provider of legal process outsourcing and managed services						Class A common stock																		08/2014												7,500									7.5						8.6			(2)
												Class B common stock																		08/2014												7,500									—						—			(2)
																																																			7.5						8.6
Elevation Services Parent Holdings, LLC (15)						Elevator service platform						First lien senior secured revolving loan						11.54%			SOFR (Q)			6.00%						12/2020						12/2026									2.6						2.6						2.5			(2)(11)(14)
												First lien senior secured loan						11.54%			SOFR (Q)			6.00%						12/2020						12/2026									10.1						10.1						9.9			(2)(11)
												First lien senior secured loan						11.53%			SOFR (Q)			6.00%						05/2022						12/2026									9.1						9.1						8.9			(2)(11)
																																																			21.8						21.3

See accompanying notes to consolidated financial statements

97

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
FlyWheel Acquireco, Inc. (15)						Professional employer organization offering human resources, compliance and risk management services						First lien senior secured revolving loan						11.86%			SOFR (M)			6.50%						05/2023						05/2028									5.5						5.5						5.4			(2)(11)
												First lien senior secured loan						11.86%			SOFR (M)			6.50%						05/2023						05/2030									52.5						52.5						52.0			(2)(11)
																																																			58.0						57.4
HH-Stella, Inc. and Bedrock Parent Holdings, LP (15)						Provider of municipal solid waste transfer management services						First lien senior secured revolving loan																		04/2021						04/2028									—						—						—			(2)(13)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						04/2021						04/2028									8.9						8.9						8.9			(2)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						09/2023						04/2028									13.9						13.9						13.9			(2)(11)
												Class A units																		04/2021												32,982									3.3						3.2			(2)
																																																			26.1						26.0
HP RSS Buyer, Inc. (15)						Provider of road striping, and road safety related services						First lien senior secured loan						10.37%			SOFR (M)			5.00%						12/2023						12/2029									12.0						12.0						11.7			(2)(11)
IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P. (15)						Market research company focused on the consumer packaged goods industry						First lien senior secured revolving loan						11.11%			SOFR (M)			5.75%						08/2022						12/2027									1.7						1.7						1.7			(2)(11)(14)
												First lien senior secured revolving loan						13.25%			Base Rate (M)			4.75%						08/2022						12/2027									0.9						0.9						0.9			(2)(11)(14)
												First lien senior secured loan						11.61% (2.75% PIK)			SOFR (M)			6.25%						08/2022						12/2028									217.6						217.6						217.6			(2)(11)
												Class A units																		08/2022												11,242									11.6						18.7			(2)
																																																			231.8						238.9
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (15)						Provider of commercial and industrial waste processing and disposal services						First lien senior secured revolving loan																		08/2022						08/2028									—						—						—			(2)(13)
												First lien senior secured loan						11.38%			SOFR (M)			6.00%						08/2022						08/2029									4.1						4.1						4.1			(2)(11)
												Class A units																		09/2022												12,501									12.5						20.6			(2)
																																																			16.6						24.7
Kellermeyer Bergensons Services, LLC						Provider of janitorial and facilities management services						First lien senior secured loan						11.59%			SOFR (Q)			6.00%						11/2019						11/2026									25.5						25.4						25.5			(2)(11)
												First lien senior secured loan																		11/2019						11/2026									30.9						30.9						20.9			(2)(10)
																																																			56.3						46.4
Kings Buyer, LLC (15)						Provider of comprehensive outsourced waste management consolidation services						First lien senior secured loan						11.99%			SOFR (S)			6.50%						09/2023						10/2027									16.4						16.4						16.2			(2)(11)
KPS Global LLC and Cool Group LLC						Manufacturer of walk-in cooler and freezer systems						First lien senior secured loan						11.44%			SOFR (M)			5.99%						04/2017						06/2024									5.2						5.2						5.2			(2)(11)
												First lien senior secured loan						11.44%			SOFR (M)			5.99%						11/2018						06/2024									1.4						1.4						1.4			(2)(11)
												Class A units																		09/2018												13,292									1.1						5.7
																																																			7.7						12.3
Laboratories Bidco LLC and Laboratories Topco LLC (15)						Lab testing services for nicotine containing products						First lien senior secured revolving loan						12.29% (2.75% PIK)			SOFR (Q)			6.75%						07/2021						07/2027									0.6						0.6						0.5			(2)(11)

See accompanying notes to consolidated financial statements

98

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured revolving loan						14.25% (2.75% PIK)			Base Rate (Q)			5.75%						07/2021						07/2027									7.6						7.6						6.6			(2)(11)
												First lien senior secured loan						12.27% (2.75% PIK)			CDOR (Q)			6.75%						10/2019						07/2027									24.0						23.9						20.9			(2)(11)
												First lien senior secured loan						12.31% (2.75% PIK)			SOFR (Q)			6.75%						10/2019						07/2027									16.6						16.6						14.4			(2)(11)
												First lien senior secured loan						12.31% (2.75% PIK)			SOFR (Q)			6.75%						10/2020						07/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						12.28% (2.75% PIK)			SOFR (Q)			6.75%						07/2021						07/2027									4.4						4.4						3.8			(2)(11)
												Class A units																		07/2021												3,099,335									4.6						0.9			(2)
																																																			57.8						47.2
Lightbeam Bidco, Inc. (15)						Provider of yard management services						First lien senior secured revolving loan																		05/2023						05/2029									—						—						—			(2)(13)
												First lien senior secured loan						11.70%			SOFR (Q)			6.25%						05/2023						05/2030									5.3						5.3						5.3			(2)(11)
												First lien senior secured loan						10.86%			SOFR (S)			5.50%						11/2023						05/2030									1.8						1.8						1.8			(2)(11)
																																																			7.1						7.1
LJP Purchaser, Inc. and LJP Topco, LP (15)						Provider of non-hazardous solid waste and recycling services						First lien senior secured loan						11.70%			SOFR (M)			6.25%						09/2022						09/2028									9.7						9.7						9.7			(2)(11)
												Class A units						8.00% PIK												09/2022												5,098,000									5.6						7.1			(2)
																																																			15.3						16.8
Marmic Purchaser, LLC and Marmic Topco, L.P. (15)						Provider of recurring fire protection services						First lien senior secured loan						11.25%			SOFR (Q)			5.75%						03/2021						03/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.75%			SOFR (Q)			6.25%						02/2022						03/2027									2.3						2.3						2.3			(2)(11)
												First lien senior secured loan						11.26%			SOFR (Q)			5.75%						02/2022						03/2027									2.5						2.5						2.5			(2)(11)
												Limited partnership units						8.00% PIK												03/2021												1,929,237									2.5						4.6			(2)
																																																			7.5						9.6
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.						Keg management solutions provider						Second lien senior secured loan						14.35%			SOFR (Q)			9.00%						08/2020						07/2025									168.3						168.3						168.3			(2)(11)
												Second lien senior secured loan						14.35%			SOFR (Q)			9.00%						08/2023						07/2025									8.6						8.6						8.6			(2)(11)
												Series A preferred stock						20.00% PIK												08/2020												1,507									1.5						3.3			(2)
												Series B preferred stock						19.00% PIK												09/2023												12,000									12.0						12.0			(2)
												Common stock																		12/2012												54,710									4.9						6.3			(2)
																																																			195.3						198.5
NAS, LLC and Nationwide Marketing Group, LLC (15)						Buying and marketing services organization for appliance, furniture and consumer electronics dealers						First lien senior secured revolving loan						12.00%			SOFR (Q)			6.50%						11/2020						06/2024									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						11/2020						06/2024									6.2						6.2						6.2			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						12/2021						06/2024									2.3						2.3						2.3			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						05/2022						06/2024									1.3						1.3						1.3			(2)(11)
																																																			10.4						10.4

See accompanying notes to consolidated financial statements

99

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (15)						Provider of audience insights, data and analytics to entertainment industry						First lien senior secured revolving loan																		10/2022						10/2027									—						—						—			(2)(13)
												First lien senior secured loan						10.26%			SOFR (Q)			4.75%						10/2022						10/2028									81.5						76.0						74.1			(2)(11)(18)
												First lien senior secured loan						10.51%			SOFR (Q)			5.00%						10/2022						04/2029									98.8						91.5						90.0			(2)(11)(18)
												First lien senior secured note						9.29%												11/2022						04/2029									52.8						51.6						49.2			(2)(18)
												Second lien senior secured loan						15.26%			SOFR (Q)			9.75%						10/2022						10/2029									221.3						221.3						210.2			(2)(11)
												Limited partnership interests																		10/2022												4,040,000									4.1						5.0			(2)
																																																			444.5						428.5
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1						Operator of multiple franchise concepts primarily related to home maintenance or repairs						Senior subordinated loan						16.00%			Base Rate (Q)			7.50%						09/2021						08/2029									119.1						119.1						119.1			(2)(11)
												Limited partner interest																		09/2021												9,725,000									9.7						10.5			(2)
																																																			128.8						129.6
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC (15)						Provider of fire safety and life safety services						First lien senior secured revolving loan						11.27%			SOFR (Q)			5.75%						05/2021						05/2027									1.2						1.2						1.2			(2)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						05/2021						05/2027									19.8						19.8						19.8			(2)(11)
												First lien senior secured loan						11.27%			SOFR (Q)			5.75%						03/2022						05/2027									6.8						6.8						6.8			(2)(11)
												Common units																		05/2021												884,916									0.9						3.9			(2)
																																																			28.7						31.7
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15)						Provider of lawncare services						First lien senior secured loan						11.86%			SOFR (Q)			6.50%						12/2022						05/2028									14.7						14.6						14.7			(2)(11)
North Haven Stack Buyer, LLC (15)						Provider of environmental testing services						First lien senior secured revolving loan						11.03%			SOFR (Q)			5.50%						07/2021						07/2027									1.3						1.2						1.3			(2)(11)
												First lien senior secured revolving loan						13.00%			Base Rate (Q)			4.50%						07/2021						07/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.03%			SOFR (M)			5.50%						07/2021						07/2027									9.8						9.8						9.8			(2)(11)
												First lien senior secured loan						11.01%			SOFR (Q)			5.50%						08/2023						07/2027									1.8						1.6						1.8			(2)(11)
																																																			12.7						13.0
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (15)						Solid waste services provider						First lien senior secured loan						13.39% (4.00% PIK)			SOFR (Q)			8.00%						08/2023						08/2029									25.6						25.1						25.1			(2)(11)
												Warrant to purchase units of Class A common units																		08/2023						08/2036						35,347									0.6						1.1			(2)
																																																			25.7						26.2
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15)						Provider of janitorial and facilities management services						First lien senior secured loan						10.97%			SOFR (S)			5.50%						10/2021						10/2027									67.7						67.7						66.3			(2)(11)
												Class A units																		10/2021												7,900,000									7.9						6.3			(2)
																																																			75.6						72.6

See accompanying notes to consolidated financial statements

100

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
PS Operating Company LLC and PS Op Holdings LLC (5)(15)						Specialty distributor and solutions provider to the swine and poultry markets						First lien senior secured revolving loan						11.61% PIK			SOFR (Q)			6.00%						12/2021						12/2026									4.5						4.5						4.5			(2)(11)
												First lien senior secured loan						11.61% PIK			SOFR (Q)			6.00%						12/2021						12/2026									15.3						15.3						15.3			(2)(11)
												Common unit																		12/2021												279,200									7.4						2.1			(2)
																																																			27.2						21.9
PSC Group LLC (15)						Provider of operational services for US petrochemical and refining companies						First lien senior secured revolving loan																		07/2019						07/2025									—						—						—			(2)(13)
												First lien senior secured loan						11.53%			SOFR (Q)			6.00%						07/2019						07/2025									34.2						34.2						34.2			(2)(11)
												First lien senior secured loan						11.29%			SOFR (Q)			5.75%						12/2021						07/2025									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.41%			SOFR (Q)			6.00%						12/2021						07/2025									11.3						11.3						11.3			(2)(11)
												First lien senior secured loan						11.53%			SOFR (Q)			6.00%						04/2022						07/2025									2.4						2.4						2.4			(2)(11)
												First lien senior secured loan						11.54%			SOFR (Q)			6.00%						12/2023						07/2025									6.6						6.6						6.6			(2)(11)
																																																			54.7						54.7
R2 Acquisition Corp.						Marketing services						Common stock																		05/2007												250,000									0.2						0.3			(2)
RC V Tecmo Investor LLC						Technology based aggregator for facility maintenance services						Common member units																		08/2020												9,624,000									8.3						19.4			(2)
RE Community Holdings GP, LLC and RE Community Holdings, LP						Operator of municipal recycling facilities						Limited partnership interest																		03/2011												2.49%									—						—			(2)
												Limited partnership interest																		03/2011												2.86%									—						—			(2)
																																																			—						—
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (15)						Provider of FDA registration and consulting services						First lien senior secured loan						10.64%			SOFR (S)			5.00%						08/2021						08/2027									2.7						2.7						2.6			(2)(11)
												Limited partner interests																		08/2021												1.13%									2.7						2.9			(2)
																																																			5.4						5.5
Rodeo AcquisitionCo LLC (15)						Provider of food inspection and recovery services						First lien senior secured revolving loan						11.54%			SOFR (Q)			6.00%						07/2021						07/2027									1.7						1.7						1.7			(2)(11)
												First lien senior secured loan						11.54%			SOFR (Q)			6.00%						07/2021						07/2027									16.8						16.8						16.4			(2)(11)
																																																			18.5						18.1
Saturn Purchaser Corp.						Private aviation management company						First lien senior secured loan						10.71%			SOFR (M)			5.25%						07/2023						07/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.01%			SOFR (Q)			5.50%						07/2023						07/2029									1.7						1.7						1.7			(2)(11)
																																																			1.8						1.8
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (15)						Provider of landscape design and planning, and snow removal services						First lien senior secured revolving loan						11.21%			SOFR (M)			5.75%						12/2021						12/2027									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						11.21%			SOFR (M)			5.75%						12/2021						12/2027									3.5						3.5						3.4			(2)(11)
												Class A units																		12/2021												5,868									14.8						16.8			(2)
																																																			18.9						20.8

See accompanying notes to consolidated financial statements

101

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Shermco Intermediate Holdings, Inc. (15)						Provider of electrician services						First lien senior secured revolving loan						10.86%			SOFR (M)			5.50%						05/2022						06/2026									0.1						—						0.1			(2)
												First lien senior secured loan						10.86%			SOFR (M)			5.50%						05/2022						06/2026									5.2						5.2						5.2			(2)(11)
												First lien senior secured loan						10.95%			SOFR (Q)			5.50%						09/2023						06/2026									0.4						0.4						0.4			(2)(11)
																																																			5.6						5.7
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP						Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products						Second lien senior secured loan																		06/2020						06/2026									24.3						21.0						0.7			(2)(10)
												Limited partnership class A-1 units																		06/2020												2,173									1.1						—			(2)
												Limited partnership class A-2 units																		06/2020												2,173									1.1						—			(2)
																																																			23.2						0.7
Startec Equity, LLC (5)						Communication services						Member interest																		04/2010												190,581									—						—
Stealth Holding LLC and UCIT Online Security Inc.						Live video monitoring solutions provider						First lien senior secured loan						12.29%			SOFR (Q)			6.75%						03/2021						03/2026									52.4						52.4						52.4			(2)(6)(11)
												First lien senior secured loan						14.25%			Base Rate (Q)			5.75%						03/2021						03/2026									0.8						0.8						0.8			(2)(6)(11)
												First lien senior secured loan						12.29%			SOFR (Q)			6.75%						03/2022						03/2026									5.1						5.1						5.1			(2)(6)(11)
												First lien senior secured loan						12.28%			SOFR (Q)			6.75%						06/2023						03/2026									12.4						12.4						12.4			(2)(6)(11)
																																																			70.7						70.7
Systems Planning and Analysis, Inc. (15)						Provider of systems engineering and technical assistance to the US DoD						First lien senior secured loan						11.33%			SOFR (Q)			6.00%						05/2022						08/2027									1.0						1.0						1.0			(2)(11)
Thermostat Purchaser III, Inc. (15)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured revolving loan																		08/2021						08/2026									—						—						—			(2)(13)
												Second lien senior secured loan						12.79%			SOFR (Q)			7.25%						08/2021						08/2029									23.0						23.0						22.3			(2)(11)
																																																			23.0						22.3
Valcourt Holdings II, LLC and Jobs Holdings, Inc. (15)						Provider of window cleaning and building facade maintenance and restoration services						First lien senior secured revolving loan																		11/2023						01/2029									—						—						—			(2)(13)
												First lien senior secured loan						11.27%			SOFR (S)			5.75%						11/2023						11/2029									45.0						45.0						44.1			(2)(11)
																																																			45.0						44.1
Visual Edge Technology, Inc. (5)(15)						Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies						First lien senior secured loan						12.50% (1.25% PIK)			SOFR (Q)			7.00%						07/2023						12/2025									33.5						32.9						33.5			(2)(11)
												Senior preferred stock						10.00% PIK												07/2023												4,737									42.1						44.1			(2)
												Junior preferred stock																		07/2023												6,600									—						—			(2)
												Warrant to purchase shares of common stock																		08/2017						08/2030						10,358,572									3.9						—			(2)
																																																			78.9						77.6
VRC Companies, LLC (15)						Provider of records and information management services						Senior subordinated loan						12.00% (2.00% PIK)												05/2022						06/2028									5.1						5.2						4.9			(2)

See accompanying notes to consolidated financial statements

102

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Wash Encore Holdings, LLC						Provider of outsourced healthcare linen management solutions						First lien senior secured loan						11.44%			SOFR (Q)			5.75%						07/2021						07/2027									97.5						97.5						97.5			(2)(11)
XIFIN, Inc. and ACP Charger Co-Invest LLC (15)						Revenue cycle management provider to labs						First lien senior secured revolving loan						11.25%			SOFR (Q)			5.75%						02/2020						02/2026									5.6						5.6						5.3			(2)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						07/2021						02/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						12/2021						02/2026									36.5						36.5						34.7			(2)(11)
												Class A units																		02/2020												180,000									1.8						2.4			(2)
												Class B units																		12/2021												46,363									0.9						0.6			(2)
																																																			44.9						43.1
																																																			2,239.1						2,251.7						20.10%
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5)						Investment company						Common stock																		01/2017												589									0.4						0.4			(6)
ARES 2007-3R						Investment vehicle						Subordinated notes																		01/2017						04/2021						20,000,000									—						0.1			(6)
Blue Wolf Capital Fund II, L.P. (4)						Investment partnership						Limited partnership interest (8.50% interest)																		01/2017												8.50%									—						—			(6)(18)
CoLTs 2005-1 Ltd. (5)						Investment vehicle						Preferred shares																		01/2017						03/2015						360									—						—			(6)
CREST Exeter Street Solar 2004-1						Investment vehicle						Preferred shares																		01/2017						06/2039						3,500,000									—						—			(6)
European Capital UK SME Debt LP (4)(16)						Investment partnership						Limited partnership interest																		01/2017												45.00%									8.2						16.4			(6)
HCI Equity, LLC (5)						Investment company						Member interest																		04/2010												100.00%									—						—			(6)(18)
Partnership Capital Growth Investors III, L.P.						Investment partnership						Limited partnership interest																		10/2011												2.50%									1.8						4.8			(2)(6)(18)
PCG-Ares Sidecar Investment II, L.P. (4)(16)						Investment partnership						Limited partnership interest																		10/2014												100.00%									7.2						18.1			(2)(6)
PCG-Ares Sidecar Investment, L.P. (4)(16)						Investment partnership						Limited partnership interest																		05/2014												100.00%									4.3						0.8			(6)
Piper Jaffray Merchant Banking Fund I, L.P.						Investment partnership						Limited partnership interest																		08/2012												2.00%									0.1						0.5			(6)(18)
Senior Direct Lending Program, LLC (5)(17)						Co-investment vehicle						Subordinated certificates						13.33%			SOFR (Q)			8.00%						07/2016						12/2036									1,327.9						1,316.3						1,288.1			(6)(12)
												Membership interest																														87.50%									—						—			(6)
																																																			1,316.3						1,288.1
																																																			1,338.3						1,329.2						11.87%
Insurance Services
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (15)						Insurance broker						First lien senior secured loan						11.03%			SOFR (Q)			5.50%						11/2019						11/2029									38.0						37.9						37.2			(2)(11)
												First lien senior secured loan						11.35%			SOFR (Q)			6.00%						08/2023						11/2029									0.6						0.6						0.6			(2)(11)

See accompanying notes to consolidated financial statements

103

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.41%			SOFR (M)			6.00%						08/2023						11/2029									1.3						1.3						1.3			(2)(11)
												First lien senior secured loan						11.01%			SOFR (Q)			5.50%						11/2023						11/2029									0.3						0.3						0.3			(2)(11)
																																																			40.1						39.4
Acrisure, LLC						Independent property and casualty insurance brokerage						First lien senior secured loan						9.89%			SOFR (Q)			4.50%						10/2023						11/2030									0.2						0.2						0.2			(2)(18)
Alera Group, Inc. (15)						Insurance service provider						First lien senior secured loan						11.46%			SOFR (M)			6.00%						09/2021						10/2028									46.5						46.5						46.5			(2)(11)
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc.						Insurance service provider						First lien senior secured loan						9.61%			SOFR (M)			4.25%						02/2023						02/2028									1.0						1.0						1.0			(2)(18)
AQ Sunshine, Inc. (15)						Specialized insurance broker						First lien senior secured loan						11.75%			SOFR (Q)			6.25%						04/2019						04/2027									8.4						8.4						8.2			(2)(11)
												First lien senior secured loan						11.75%			SOFR (Q)			6.25%						10/2020						04/2027									5.5						5.5						5.4			(2)(11)
												First lien senior secured loan						11.75%			SOFR (Q)			6.25%						06/2021						04/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.75%			SOFR (Q)			6.25%						01/2022						04/2027									8.9						8.9						8.7			(2)(11)
												First lien senior secured loan						11.60%			SOFR (Q)			6.25%						05/2022						04/2027									1.2						1.2						1.2			(2)(11)
												First lien senior secured loan						11.71%			SOFR (S)			6.25%						12/2023						04/2027									6.5						6.5						6.3			(2)(11)
																																																			30.6						29.9
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc (15)						Insurance broker and underwriting servicer						First lien senior secured loan						12.81%			SONIA (S)			7.25%						06/2020						07/2026									79.2						79.5						79.2			(2)(6)(11)
												First lien senior secured loan						11.20%			Euribor (S)			7.25%						06/2020						07/2026									7.2						7.5						7.2			(2)(6)(11)
												First lien senior secured loan						11.90%			SOFR (S)			6.00%						08/2021						07/2026									90.0						90.0						90.0			(2)(6)(11)
												First lien senior secured loan						12.57%			SOFR (S)			6.75%						08/2022						07/2026									15.6						15.6						15.6			(2)(6)(11)
												First lien senior secured loan						10.70%			Euribor (S)			6.75%						08/2022						07/2026									68.9						64.5						68.9			(2)(6)(11)
												Senior subordinated loan						11.50%												06/2020						01/2027									1.4						1.4						1.4			(2)(6)(18)
																																																			258.5						262.3
Benecon Midco II LLC and Locutus Holdco LLC (15)						Employee benefits provider for small and mid-size employers						Common units																		12/2020												9,803,682									10.0						52.2
Captive Resources Midco, LLC (15)						Provider of independent consulting services to member-owned group captives						First lien senior secured loan						10.61% (2.63% PIK)			SOFR (M)			5.25%						07/2022						07/2029									0.1						0.1						0.1			(2)(11)
Daylight Beta Parent LLC and CFCo, LLC (4)						Health insurance sales platform provider						First lien senior secured loan						10.00% PIK												09/2023						09/2033									12.0						12.0						12.0			(2)
												First lien senior secured loan																		09/2023						09/2038									20.8						0.5						0.1			(2)
												Class B units																		09/2023												32,391,330									—						—			(2)
																																																			12.5						12.1
DOXA Insurance Holdings LLC (15)						Managing general agent insurance distribution platform						First lien senior secured loan						10.87%			SOFR (S)			5.50%						12/2023						12/2030									9.0						9.0						8.8			(2)(6)(11)
Foundation Risk Partners, Corp. (15)						Full service independent insurance agency						First lien senior secured loan						11.45%			SOFR (Q)			6.00%						10/2021						10/2028									79.5						79.5						79.5			(2)(11)
												First lien senior secured loan						11.45%			SOFR (Q)			6.00%						04/2022						10/2028									42.8						42.8						42.8			(2)(11)
																																																			122.3						122.3
Galway Borrower LLC (15)						Insurance service provider						First lien senior secured revolving loan																		09/2021						09/2027									—						—						—			(2)(13)
												First lien senior secured loan						10.70%			SOFR (Q)			5.25%						09/2021						09/2028									34.8						34.8						34.2			(2)(11)

See accompanying notes to consolidated financial statements

104

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			34.8						34.2
Higginbotham Insurance Agency, Inc. (15)						Independent retail insurance broker						First lien senior secured loan						10.96%			SOFR (M)			5.50%						08/2023						11/2028									3.6						3.6						3.5			(2)(11)
High Street Buyer, Inc. and High Street Holdco LLC (15)(16)						Insurance brokerage platform						First lien senior secured loan						11.25%			SOFR (Q)			5.75%						04/2021						04/2028									22.6						22.6						22.6			(2)(11)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						08/2021						04/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.00%			SOFR (M)			5.50%						02/2022						04/2028									18.5						18.5						18.5			(2)(11)
												Series A preferred units						10.00% PIK												04/2021												172,211,694									203.7						187.3			(2)
												Series A preferred units						10.00% PIK												12/2023												20,106,667									20.3						18.7			(2)
												Series A common units						10.00% PIK												04/2021												4,649,000									6.0						11.9			(2)
												Series C common units						10.00% PIK												04/2021												9,748,701									1.6						24.9			(2)
																																																			272.8						284.0
Inszone Mid, LLC and INSZ Holdings, LLC (15)						Insurance brokerage firm						First lien senior secured loan						11.11%			SOFR (M)			5.75%						12/2023						11/2029									14.7						14.7						14.4			(2)(11)
												Limited partnership interests																		11/2022												2,146,088									1.7						2.1
												Common units																		11/2023												8,473,000									8.5						8.5
																																																			24.9						25.0
Keystone Agency Partners LLC (15)						Insurance brokerage platform						First lien senior secured loan						10.96%			SOFR (S)			5.50%						12/2023						05/2027									2.8						2.7						2.7			(2)(11)
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (15)						Insurance brokerage platform						First lien senior secured loan						11.09%			SOFR (M)			5.75%						11/2023						11/2029									7.5						7.5						7.3			(2)(11)
												Class A2 units																		11/2023												115,928									2.3						2.3			(2)
																																																			9.8						9.6
OneDigital Borrower LLC (15)						Benefits broker and outsourced workflow automation platform provider for brokers						First lien senior secured revolving loan																		11/2020						05/2027									—						—						—			(2)(13)
Patriot Growth Insurance Services, LLC (15)						National retail insurance agency						First lien senior secured loan						11.00%			SOFR (Q)			5.50%						10/2021						10/2028									15.8						15.6						15.5			(2)(11)
People Corporation (15)						Provider of group benefits, group retirement and human resources services						First lien senior secured revolving loan						11.74%			CDOR (Q)			6.25%						02/2021						02/2027									5.2						5.0						5.2			(2)(6)(11)
												First lien senior secured loan						11.75%			CDOR (Q)			6.25%						02/2021						02/2028									39.4						41.5						39.4			(2)(6)(11)
												First lien senior secured loan						11.25%			CDOR (Q)			5.75%						09/2021						02/2028									22.8						22.7						22.8			(2)(6)(11)
												First lien senior secured loan						11.50%			CDOR (Q)			6.00%						09/2023						02/2028									1.0						1.0						1.0			(2)(6)(11)
																																																			70.2						68.4
Riser Interco, LLC (15)						Insurance program administrator						First lien senior secured loan						11.19%			SONIA (Q)			6.00%						10/2023						10/2029									1.1						1.0						1.1			(2)(11)
												First lien senior secured loan						11.35%			SOFR (Q)			6.00%						10/2023						10/2029									7.6						7.6						7.4			(2)(11)
																																																			8.6						8.5
SageSure Holdings, LLC and SageSure LLC (15)						Insurance service provider						First lien senior secured loan						11.36%			SOFR (Q)			5.75%						01/2022						01/2028									0.3						0.3						0.3			(2)(11)
												Series A units																		02/2022												886									19.6						34.2
																																																			19.9						34.5

See accompanying notes to consolidated financial statements

105

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
SCM Insurance Services Inc. (15)						Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry						First lien senior secured loan						11.70%			CDOR (Q)			6.25%						06/2022						08/2025									0.1						0.1						0.1			(2)(6)(11)
SelectQuote, Inc.						Direct to consumer insurance distribution platform						First lien senior secured loan						14.96% (3.00% PIK)			SOFR (M)			9.50%						11/2019						11/2024									22.0						22.0						20.3			(2)(11)
SG Acquisition, Inc.						Provider of insurance solutions for car sales						First lien senior secured loan						10.98%			SOFR (Q)			5.50%						01/2020						01/2027									33.8						33.8						33.8			(2)(11)
Spring Insurance Solutions, LLC						Technology-based direct to consumer sales and marketing platform for insurance products						First lien senior secured loan						12.72%			SOFR (Q)			7.00%						11/2020						11/2025									21.8						21.8						19.4			(2)(11)
THG Acquisition, LLC (15)						Multi-line insurance broker						First lien senior secured revolving loan						11.21%			SOFR (M)			5.75%						12/2019						12/2025									1.3						1.3						1.3			(2)(11)(14)
												First lien senior secured loan						11.21%			SOFR (M)			5.75%						12/2019						12/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.21%			SOFR (M)			5.75%						12/2020						12/2026									14.7						14.7						14.7			(2)(11)
												First lien senior secured loan						10.96%			SOFR (M)			5.50%						12/2021						12/2026									25.9						25.9						25.6			(2)(11)
																																																			42.0						41.7
																																																			1,113.4						1,176.0						10.50%
Consumer Services
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5)						Restaurant owner and operator						First lien senior secured loan																		12/2016						08/2022									10.4						—						—			(2)(10)
Aimbridge Acquisition Co., Inc.						Hotel operator						Second lien senior secured loan						12.96%			SOFR (M)			7.50%						02/2019						02/2027									22.5						22.3						21.4			(2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP (15)						Heating, ventilation and air conditioning services provider						First lien senior secured revolving loan						8.71%			SOFR (M)			3.25%						10/2020						10/2025									0.4						0.4						0.4			(2)
												First lien senior secured revolving loan						10.75%			Base Rate (Q)			2.25%						10/2020						10/2025									1.6						1.6						1.6			(2)
												Second lien senior secured loan						14.11%			SOFR (Q)			8.50%						10/2020						10/2028									56.4						56.4						56.4			(2)(11)
												Series A preferred units						10.00% PIK												10/2020												2,531,500									3.4						5.5			(2)
																																																			61.8						63.9
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (15)						Provider of residential HVAC, plumbing, and electrical maintenance and repair services						First lien senior secured revolving loan						14.00%			Base Rate (Q)			5.50%						10/2023						10/2029									0.3						0.3						0.3			(2)(11)
												First lien senior secured revolving loan						11.87%			SOFR (Q)			6.50%						10/2023						10/2029									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						12.40% (2.00% PIK)			SOFR (Q)			7.00%						10/2023						10/2030									148.5						148.5						144.8			(2)(11)
												Series B common units																		10/2023												262,165									7.2						7.2
																																																			156.4						152.7
ATI Restoration, LLC (15)						Provider of disaster recovery services						First lien senior secured revolving loan						12.50%			Base Rate (Q)			4.00%						07/2020						07/2026									2.3						2.3						2.3			(2)(11)(14)

See accompanying notes to consolidated financial statements

106

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured revolving loan						10.52%			SOFR (Q)			5.00%						07/2020						07/2026									5.0						5.0						5.0			(2)(11)(14)
												First lien senior secured loan						10.52%			SOFR (Q)			5.00%						07/2020						07/2026									32.7						32.7						32.7			(2)(11)
												First lien senior secured loan						10.52%			SOFR (M)			5.00%						05/2022						07/2026									48.4						48.4						48.4			(2)(11)
												First lien senior secured loan						10.54%			SOFR (Q)			5.00%						09/2023						07/2026									2.3						2.3						2.3			(2)(11)
																																																			90.7						90.7
Belfor Holdings, Inc. (15)						Disaster recovery services provider						First lien senior secured revolving loan																		11/2023						11/2028									—						—						—			(2)(13)
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (15)						Provider of HVAC and plumbing services to residential and commercial customers						First lien senior secured revolving loan						11.48%			SOFR (Q)			6.00%						12/2021						12/2027									1.4						1.4						1.2			(2)(11)
												First lien senior secured loan						11.99%			SOFR (Q)			6.50%						12/2021						12/2027									3.1						3.1						2.9			(2)(11)
												First lien senior secured loan						12.22%			SOFR (Q)			6.75%						03/2023						12/2027									6.1						6.1						5.6			(2)(11)
												Class A units																		12/2021												4,296									4.3						3.8
																																																			14.9						13.5
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured loan						10.37%			SOFR (Q)			5.00%						05/2022						05/2028									28.0						28.0						28.0			(2)(11)
												Common stock																		05/2022												290									2.9						7.7			(2)
																																																			30.9						35.7
CST Holding Company (15)						Provider of ignition interlock devices						First lien senior secured revolving loan						11.96%			SOFR (M)			6.50%						11/2022						11/2028									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.96%			SOFR (M)			6.50%						11/2022						11/2028									11.6						11.6						11.6			(2)(11)
																																																			11.8						11.8
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (15)						Provider of plumbing and HVAC services						First lien senior secured revolving loan						11.28%			SOFR (Q)			5.75%						11/2020						11/2025									11.2						11.2						11.2			(2)(11)(14)
												First lien senior secured loan						11.29%			SOFR (Q)			5.75%						11/2020						11/2026									47.7						47.7						47.7			(2)(11)
												First lien senior secured loan						11.29%			SOFR (Q)			5.75%						04/2021						11/2026									77.3						77.3						77.3			(2)(11)
												First lien senior secured loan						11.29%			SOFR (Q)			5.75%						11/2021						11/2026									24.9						24.9						24.9			(2)(11)
												Preferred units						15.00% PIK												07/2023												231									2.7						2.7			(2)
												Class A units																		11/2020												6,447									22.9						43.0			(2)
																																																			186.7						206.8
Eternal Aus Bidco Pty Ltd (15)						Operator of cemetery, crematoria and funeral services						First lien senior secured loan						10.70% (2.50% PIK)			BBSY (Q)			6.25%						11/2023						10/2029									7.4						7.1						7.4			(2)(6)(11)
Excel Fitness Consolidator LLC (15)						Fitness facility operator						First lien senior secured loan						11.00%			SOFR (Q)			5.50%						08/2023						04/2029									3.6						3.5						3.5			(2)(11)
Flint OpCo, LLC (15)						Provider of residential HVAC and plumbing services						First lien senior secured loan						10.60%			SOFR (Q)			5.25%						08/2023						08/2030									5.5						5.5						5.4			(2)(11)
GroundWorks, LLC (15)						Provider of residential foundation repair and water management services						First lien senior secured loan						11.90%			SOFR (Q)			6.50%						03/2023						03/2030									11.3						11.0						11.3			(2)(11)

See accompanying notes to consolidated financial statements

107

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (15)						Provider of commercial and residential HVAC, electrical, and plumbing services						First lien senior secured loan						12.10%			SOFR (Q)			6.75%						04/2023						04/2030									19.4						19.4						19.4			(2)(11)
												Class A common units																		04/2023												4,424									4.4						4.0			(2)
																																																			23.8						23.4
Helios Service Partners, LLC and Astra Service Partners, LLC (15)						Critical HVAC, refrigeration, and plumbing services for commercial businesses						First lien senior secured revolving loan						11.62%			SOFR (Q)			6.00%						08/2023						03/2027									0.2						0.2						0.2			(2)(11)(14)
												First lien senior secured loan						11.87%			SOFR (Q)			6.25%						08/2023						03/2027									7.6						7.6						7.4			(2)(11)
																																																			7.8						7.6
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (15)						Provider of residential roofing and exterior repair and replacement services						First lien senior secured loan						12.20%			SOFR (Q)			6.75%						12/2022						12/2028									13.8						13.8						13.8			(2)(6)(11)
												First lien senior secured loan						11.50%			CDOR (Q)			6.00%						11/2023						12/2028									1.1						1.1						1.2			(2)(6)(11)
												Class A units																		12/2022												9,524,000									9.5						12.4			(2)
																																																			24.4						27.4
Jenny C Acquisition, Inc.						Health club franchisor						Senior subordinated loan						8.00% PIK												04/2019						04/2025									1.7						1.7						1.7			(2)
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (15)						Franchising platform offering adolescent development programs						First lien senior secured loan						13.00%			SOFR (Q)			7.50%						12/2022						12/2027									16.0						16.0						16.0			(2)(11)
												Limited partnership interests																		12/2022												1,972,732									2.0						1.9
																																																			18.0						17.9
ME Equity LLC						Franchisor in the massage industry						Common stock																		09/2012												3,000,000									3.0						4.5			(2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (15)						Provider of commercial HVAC services						First lien senior secured revolving loan						13.75%			Base Rate (Q)			5.25%						08/2022						08/2027									2.2						2.2						2.2			(2)(11)
												First lien senior secured loan						11.63%			SOFR (Q)			6.25%						08/2022						08/2028									3.5						3.5						3.5			(2)(11)
												First lien senior secured loan						11.64%			SOFR (Q)			6.25%						09/2023						08/2028									2.9						2.9						2.9			(2)(11)
												Class A units																		08/2022												1,001									9.7						13.5			(2)
																																																			18.3						22.1
Movati Athletic (Group) Inc.						Premier health club operator						First lien senior secured loan						11.51%			CDOR (Q)			6.00%						10/2017						10/2024									4.7						4.9						4.7			(2)(6)(11)
Northwinds Holding, Inc. and Northwinds Services Group LLC (15)						Provider of HVAC and plumbing services						First lien senior secured loan						12.18%			SOFR (Q)			6.50%						05/2023						05/2029									25.1						25.1						25.1			(2)(11)
												Common units																		05/2023												1,845,385									2.4						2.6			(2)
																																																			27.5						27.7
OTG Management, LLC						Airport restaurant operator						Class A preferred units																		08/2016												3,000,000									25.3						2.0			(2)
												Common units																		01/2011												3,000,000									3.0						—			(2)
												Warrant to purchase common units																		06/2008						06/2028						7.73%									0.1						—			(2)
																																																			28.4						2.0
PestCo Holdings, LLC and PestCo, LLC (15)						Provider of pest control services to the residential and commercial markets						First lien senior secured loan						12.03%			SOFR (Q)			6.50%						02/2023						02/2028									1.7						1.7						1.7			(2)(11)
												Class A units																		01/2023												134									1.7						2.2
																																																			3.4						3.9

See accompanying notes to consolidated financial statements

108

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (15)						Hotel operator						First lien senior secured loan						12.41%			SOFR (Q)			7.00%						01/2023						01/2027									7.7						7.7						7.7			(2)(11)
												Preferred membership units																		07/2016												996,833									1.0						1.0
																																																			8.7						8.7
Radiant Intermediate Holding, LLC						Provider of HVAC, plumbing and electrical services						First lien senior secured loan						11.24%			SOFR (Q)			5.75%						04/2023						11/2026									2.0						2.0						2.0			(2)(11)
Redwood Services, LLC and Redwood Services Holdco, LLC (15)						Provider of residential HVAC and plumbing services						First lien senior secured loan						12.14%			SOFR (Q)			6.50%						12/2020						12/2025									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						12.14%			SOFR (S)			6.50%						12/2021						12/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						12.06%			SOFR (Q)			6.50%						09/2022						12/2025									5.1						5.1						5.1			(2)(11)
												First lien senior secured loan						12.00%			SOFR (Q)			6.50%						05/2023						12/2025									2.1						2.1						2.1			(2)(11)
												Series D units						8.00% PIK												12/2020												19,592,999									22.1						52.5
																																																			29.6						60.0
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.						Provider of safety systems for business and residential customers						First lien senior secured loan						12.72%			SOFR (M)			7.25%						08/2020						08/2024									47.0						47.4						47.4			(2)(11)
Service Logic Acquisition, Inc. and MSHC, Inc.						Provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipments						First lien senior secured loan						11.14%			SOFR (M)			5.50%						10/2022						10/1/2027									3.4						3.4						3.4			(2)(11)
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (15)						Planet Fitness franchisee						First lien senior secured revolving loan						10.81%			CDOR (Q)			5.38%						07/2018						7/1/2025									0.6						0.6						0.6			(2)(11)
												First lien senior secured revolving loan						10.88%			SOFR (Q)			5.38%						07/2018						07/2025									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						10.83%			SOFR (Q)			5.33%						03/2020						07/2025									1.4						1.4						1.4			(2)(11)
												Class A units																		07/2018												37,020									3.8						7.7
																																																			6.3						10.2
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. (15)						Premier health club operator						First lien senior secured loan						11.97%			SOFR (M)			6.50%						12/2019						12/2024									12.3						12.3						12.3			(2)(11)
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (15)						Refrigeration, heating, ventilation and air conditioning services provider						First lien senior secured revolving loan						11.78%			SOFR (S)			6.25%						12/2021						12/2027									5.9						5.9						5.9			(2)(11)
												First lien senior secured loan						11.82%			SOFR (S)			6.25%						12/2021						12/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.93%			SOFR (Q)			6.25%						08/2022						12/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						12.31%			SOFR (Q)			6.75%						04/2023						12/2027									1.6						1.6						1.6			(2)(11)
												First lien senior secured loan						11.77%			SOFR (Q)			6.25%						10/2023						12/2027									5.3						5.3						5.3			(2)(11)
												Class A units																		12/2021												7,765,119									7.8						13.4
												Class C units																		03/2023												333,510									—						0.6
																																																			21.0						27.2

See accompanying notes to consolidated financial statements

109

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Triwizard Holdings, Inc. and Triwizard Parent, LP (15)						Parking management and hospitality services provider						Class A-2 common units																		06/2023												30,000									3.0						3.2			(2)
TSS Buyer, LLC (15)						Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets						First lien senior secured loan						11.00%			SOFR (S)			5.50%						07/2023						06/2029									1.8						1.8						1.8			(2)(11)
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (15)						Provider of residential roofing repair & replacement						First lien senior secured loan						10.89%			SOFR (S)			5.50%						11/2023						11/2030									7.8						7.8						7.6			(2)(11)
												Class B common units																		11/2023												212									0.2						0.2
																																																			8.0						7.8
YE Brands Holdings, LLC (15)						Sports camp operator						First lien senior secured revolving loan						10.96%			SOFR (M)			5.50%						10/2021						10/2027									1.2						1.2						1.2			(2)(11)
												First lien senior secured loan						10.95%			SOFR (Q)			5.50%						10/2021						10/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.20%			SOFR (Q)			5.75%						06/2022						10/2027									8.1						8.1						8.1			(2)(11)
												First lien senior secured loan						11.20%			SOFR (Q)			5.75%						09/2023						10/2027									3.7						3.7						3.7			(2)(11)
																																																			13.1						13.1
ZBS Mechanical Group Co-Invest Fund 2, LLC						Provider of residential HVAC and plumbing services						Membership interest																		10/2021												2,771,000									1.4						11.0
																																																			921.8						975.1						8.71%
Power Generation
Apex Clean Energy TopCo, LLC (4)(16)						Developer, builder and owner of utility-scale wind and solar power facilities						Class A common units																		11/2021												1,335,610									131.6						188.0
Ferrellgas, L.P. and Ferrellgas Partners, L.P.						Distributor of propane and related accessories						Senior preferred units						8.96%												03/2021												59,422									59.5						60.0
												Class B units																		09/2022												59,428									12.6						12.6			(2)
																																																			72.1						72.6
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC (5)						Developer of utility scale solar systems						First lien senior secured loan						11.00% PIK												04/2021						04/2024									88.5						88.5						88.5			(2)
												Class A1 units																		04/2021												80,518,630									80.9						216.9
																																																			169.4						305.4
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. (15)						Owner of natural gas facilities						Class A common stock																		07/2022												3,059,533									23.3						16.9			(6)(18)
PosiGen, Inc.						Seller and leaser of solar power systems for residential and commercial customers						Warrant to purchase shares of series D-1 preferred stock																		06/2021						06/2028						101,555									—						—			(2)
												Warrant to purchase shares of common stock																		01/2020						01/2027						1,112,022									—						—			(2)
																																																			—						—
Potomac Intermediate Holdings II LLC (5)						Gas turbine power generation facilities operator						Series A units																		11/2021												226,884,442									185.7						75.2
Riverview Power LLC						Operator of natural gas and oil fired power generation facilities						First lien senior secured loan						14.50%			SOFR (Q)			9.00%						08/2021						06/2024									32.5						32.3						32.5			(2)(11)

See accompanying notes to consolidated financial statements

110

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC						Residential solar energy provider						First lien senior secured loan						3.61%												10/2019						02/2055									0.1						0.1						0.1			(2)
												Senior subordinated loan						12.29% (7.89% PIK)			SOFR (Q)			6.90%						11/2019						11/2025									159.2						159.2						159.2			(2)(11)
																																																			159.3						159.3
Sunrun Luna Holdco 2021, LLC (15)						Residential solar energy provider						Senior subordinated revolving loan						8.92%			SOFR (S)			3.50%						03/2022						04/2024									30.0						30.0						28.2			(2)(6)
												Senior subordinated revolving loan						13.51%			SOFR (Q)			7.88%						03/2022						04/2024									20.0						20.0						18.8			(2)(6)
																																																			50.0						47.0
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC						Residential solar energy provider						First lien senior secured loan						3.98%												06/2019						06/2054									0.3						0.3						0.3			(2)
												Senior subordinated loan						10.00% (6.00% PIK)			SOFR (Q)			6.90%						06/2019						07/2030									75.4						75.4						73.2			(2)(11)
																																																			75.7						73.5
																																																			899.4						970.4						8.66%
Consumer Durables and Apparel
Badger Sportswear Acquisition, LLC						Provider of team uniforms and athletic wear						Second lien senior secured loan						14.54%			SOFR (Q)			9.00%						09/2016						06/2024									56.8						56.8						54.0			(2)(11)
Bowhunter Holdings, LLC						Provider of branded archery and bowhunting accessories						Common units																		04/2014												421									4.2						—
Centric Brands LLC and Centric Brands GP LLC (15)						Designer, marketer and distributor of licensed and owned apparel						First lien senior secured loan						7.37%			SOFR (Q)			2.00%						10/2018						10/2025									80.6						76.6						79.0			(2)(11)
												Membership interests																		10/2018												279,392									2.9						—			(2)
																																																			79.5						79.0
DRS Holdings III, Inc. and DRS Holdings I, Inc. (15)						Footwear and orthopedic foot-care brand						First lien senior secured loan						11.75%			SOFR (Q)			6.25%						11/2019						11/2025									27.1						27.1						26.5			(2)(11)
												First lien senior secured loan						11.75%			SOFR (M)			6.25%						06/2021						11/2025									24.9						24.9						24.5			(2)(11)
												Common stock																		11/2019												8,549									8.5						8.3			(2)
																																																			60.5						59.3
Implus Footcare, LLC						Provider of footwear and other accessories						First lien senior secured loan						13.25%			SOFR (Q)			7.75%						06/2016						07/2024									1.3						1.3						1.2			(2)(11)
												First lien senior secured loan						13.25%			SOFR (Q)			7.75%						06/2017						07/2024									117.1						116.0						106.6			(2)(11)
												First lien senior secured loan						13.25%			SOFR (Q)			7.75%						07/2018						07/2024									5.0						5.0						4.6			(2)(11)
																																																			122.3						112.4
Johnnie-O Inc. and Johnnie-O Holdings Inc.						Apparel retailer						First lien senior secured loan						11.79%			SOFR (Q)			6.25%						03/2022						03/2027									19.0						18.4						19.0			(2)(11)
												First lien senior secured loan						11.79%			SOFR (Q)			6.25%						02/2023						03/2027									4.0						3.6						4.0			(2)(11)
												Series A convertible preferred stock																		03/2022												144,210									4.2						4.5			(2)
												Warrant to purchase shares of common stock																		03/2022						03/2032						93,577									1.5						2.9			(2)
																																																			27.7						30.4
Lew's Intermediate Holdings, LLC (15)						Outdoor brand holding company						First lien senior secured loan						10.39%			SOFR (Q)			5.00%						02/2021						02/2028									1.0						1.0						0.9			(2)(11)

See accompanying notes to consolidated financial statements

111

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Pelican Products, Inc. (15)						Flashlights manufacturer						First lien senior secured revolving loan						9.50%			SOFR (S)			4.00%						12/2021						12/2026									0.9						0.9						0.8			(2)(11)
												Second lien senior secured loan						13.36%			SOFR (Q)			7.75%						12/2021						12/2029									60.0						60.0						55.2			(2)(11)
																																																			60.9						56.0
Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC						Sports equipment manufacturing company						First lien senior secured loan						11.75%			SOFR (Q)			6.25%						12/2020						12/2026									49.2						49.2						49.2			(2)(11)
												First lien senior secured loan						11.75%			SOFR (Q)			6.25%						11/2021						12/2026									0.1						0.1						0.1			(2)(11)
																																																			49.3						49.3
Reef Lifestyle, LLC (15)						Apparel retailer						First lien senior secured revolving loan						15.38% (4.25% PIK)			SOFR (M)			10.00%						10/2018						10/2027									23.6						23.6						20.3			(2)(11)(14)
												First lien senior secured revolving loan						15.39% (4.25% PIK)			SOFR (Q)			10.00%						07/2020						10/2027									2.6						2.6						2.2			(2)(11)(14)
												First lien senior secured loan						15.39% (4.25% PIK)			SOFR (Q)			10.00%						10/2018						10/2027									22.4						22.4						19.2			(2)(11)
												First lien senior secured loan						15.39% (4.25% PIK)			SOFR (Q)			10.00%						07/2020						10/2027									2.4						2.4						2.1			(2)(11)
																																																			51.0						43.8
S Toys Holdings LLC (fka The Step2 Company, LLC) (5)						Toy manufacturer						Common units																		04/2011												1,116,879									—						—
												Class B common units																		10/2014												126,278,000									—						—
												Warrant to purchase units																		04/2010						12/2050						3,157,895									—						—
																																																			—						—
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. (5)						Manufacturer and distributor of slip resistant footwear						First lien senior secured loan						10.78% PIK			SOFR (Q)			5.25%						05/2023						04/2024									19.2						19.2						15.5			(2)(6)(11)
												First lien senior secured loan						10.89% PIK			SOFR (Q)			5.25%						10/2023						04/2024									11.9						8.5						9.7			(2)(11)
												Second lien senior secured loan																		10/2015						10/2024									135.5						112.5						27.1			(2)(10)
												Series A preferred stock																		05/2023												9,800									—						—			(2)
												Common stock																		05/2023												481,918									—						—			(2)
												Warrant to purchase shares of common stock																		05/2023						04/2024						9,800									—						—			(2)
																																																			140.2						52.3
SVP-Singer Holdings Inc. and SVP-Singer Holdings LP						Manufacturer of consumer sewing machines						First lien senior secured loan																		07/2021						07/2028									44.0						39.0						27.7			(2)(10)
												Class A common units																		07/2021												6,264,706									26.1						—			(2)
																																																			65.1						27.7
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. (4)						Designer, marketer, and distributor of rain and cold weather products						First lien senior secured loan						9.47%			SOFR (M)			4.00%						12/2019						06/2024									1.6						1.6						1.6			(2)(11)
												First lien senior secured loan						11.47%			SOFR (M)			6.00%						12/2019						12/2024									2.2						2.2						2.1			(2)(11)
												Common stock																		12/2019												861,000									6.0						—			(2)
																																																			9.8						3.7
Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP						Leading manufacturer and distributor of textiles, apparel & luxury goods						First lien senior secured loan						10.47%			SOFR (M)			5.00%						12/2017						12/2026									2.0						1.9						2.0			(2)(11)(18)

See accompanying notes to consolidated financial statements

112

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Second lien senior secured loan						15.72% (2.00% PIK)			SOFR (M)			10.25%						07/2018						04/2027									146.3						146.3						146.3			(2)(11)
												Class A units																		07/2018												1,400									1.4						1.5			(2)
																																																			149.6						149.8
																																																			877.9						718.6						6.42%
Media and Entertainment
22 HoldCo Limited (15)						Sports and entertainment platform						Senior subordinated loan						12.96% PIK			SONIA (S)			7.50%						08/2023						08/2033									38.8						38.4						37.6			(2)(6)(11)
3 Step Sports LLC and 3 Step Holdings, LLC (15)						Provider of integrated youth sports solutions						First lien senior secured revolving loan						13.33%			SOFR (Q)			8.00%						10/2023						10/2028									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						13.46% (1.50% PIK)			SOFR (S)			8.00%						10/2023						10/2029									12.4						12.4						11.9			(2)(11)
												Series D preferred units																		10/2023												226,110									3.7						3.7
																																																			16.5						16.0
Aventine Intermediate LLC & Aventine Holdings II LLC						Media and production company						First lien senior secured loan						11.47% (4.00% PIK)			SOFR (Q)			6.00%						12/2021						06/2027									10.0						10.0						9.4			(2)(11)
												Senior subordinated loan						10.25% PIK												12/2021						12/2030									43.5						43.5						34.8			(2)
																																																			53.5						44.2
Axiomatic, LLC						Premiere e-sports and video game investment platform						Class A-1 units																		05/2022												500,000									5.0						5.7
CFC Funding LLC						SME-related SPV						Loan instrument units						9.75% PIK												07/2023												16,680									16.7						16.2			(6)
CMW Parent LLC (fka Black Arrow, Inc.)						Multiplatform media firm						Series A units																		09/2015												32									—						—
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited						Multi-club sports platform						Senior subordinated loan						16.00% PIK												12/2022						12/2028									0.5						0.5						0.5			(2)(6)
												Senior subordinated loan						16.00% PIK												12/2022						12/2028									24.3						24.3						24.0			(2)(6)
												Senior subordinated loan						13.33% (8.00% PIK)			SOFR (S)			8.00%						12/2022						12/2028									47.3						47.3						45.0			(2)(6)(11)
												Ordinary shares																		09/2023												494									4.4						3.3			(2)(6)
												Warrant to purchase shares of ordinary shares																		12/2022						11/2028						180									—						3.9			(2)(6)
												Warrant to purchase shares of ordinary shares																		12/2022						11/2028						199									—						1.4			(2)(6)
																																																			76.5						78.1
Global Music Rights, LLC (15)						Music right management company						First lien senior secured loan						11.20%			SOFR (Q)			5.75%						08/2021						08/2028									0.1						0.1						0.1			(2)(11)
League One Volleyball, Inc.						Operator of youth volleyball clubs						Series B preferred stock																		07/2023												194									—						—			(2)
LiveBarn Inc.						Provider of Live & On Demand broadcasting of amateur and youth sporting events						Middle preferred shares																		08/2023												4,902,988									17.3						17.3			(2)(6)
MailSouth, Inc.						Provider of shared mail marketing services						First lien senior secured loan																		05/2022						04/2024									8.7						5.8						1.0			(2)(10)
Miami Beckham United LLC						American professional soccer club						Class A preferred units						9.50% PIK												09/2021												85,000									103.2						103.2
												Class B preferred units						9.50% PIK												06/2023												42,500									44.6						44.6
																																																			147.8						147.8

See accompanying notes to consolidated financial statements

113

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
OUTFRONT Media Inc.						Provider of out-of-home advertising						Series A convertible perpetual preferred stock						7.00%												04/2020												25,000									25.0						29.6			(2)(6)
Production Resource Group, L.L.C. and PRG III, LLC (4)						Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets						First lien senior secured loan						13.96% (5.50% PIK)			SOFR (M)			8.50%						08/2018						08/2024									43.2						43.2						43.2			(2)(11)
												First lien senior secured loan						12.96% (2.50% PIK)			SOFR (M)			7.50%						07/2020						08/2024									15.3						15.3						15.3			(2)(11)
												First lien senior secured loan						12.96% (2.50% PIK)			SOFR (M)			7.50%						06/2021						08/2024									0.8						0.8						0.8			(2)(11)
												First lien senior secured loan						12.96% (2.50% PIK)			SOFR (M)			7.50%						08/2021						08/2024									7.5						7.5						7.5			(2)(11)
												Class A units																		10/2020												113,617									4.9						46.1			(2)
																																																			71.7						112.9
Professional Fighters League, LLC and PFL MMA, Inc.						Mixed martial arts league						First lien senior secured loan						12.00% PIK												01/2021						01/2026									19.3						18.6						19.3			(2)
												Second lien senior secured loan						14.00% PIK												11/2022						01/2026									0.2						0.1						0.2			(2)
												Series E preferred stock																		04/2022												219,035									0.7						0.7			(2)
												Warrant to purchase shares of common stock																		01/2021						01/2027						3,223,122									1.7						1.7			(2)
												Warrant to purchase shares of common stock																		11/2022						11/2029						68,787									0.2						0.2			(2)
																																																			21.3						22.1
Storm Investment S.a.r.l.						Spanish futbol club						First lien senior secured loan						3.75%												06/2021						06/2029									68.1						73.6						68.1			(2)(6)
												Ordinary shares																		06/2021												3,958									—						0.2			(2)(6)
												Class A redeemable shares																		06/2021												3,297,791									1.6						5.6			(2)(6)
												Class B redeemable shares																		06/2021												3,297,791									1.6						5.6			(2)(6)
												Class C redeemable shares																		06/2021												3,297,791									1.6						5.6			(2)(6)
												Class D redeemable shares																		06/2021												3,297,791									1.6						5.6			(2)(6)
												Class E redeemable shares																		06/2021												3,297,791									1.6						5.6			(2)(6)
												Class F redeemable shares																		06/2021												3,297,791									1.6						5.6			(2)(6)
												Class G redeemable shares																		06/2021												3,297,791									1.6						5.6			(2)(6)
												Class H redeemable shares																		06/2021												3,297,791									1.6						5.6			(2)(6)
												Class I redeemable shares																		06/2021												3,297,791									1.6						5.6			(2)(6)
																																																			88.0						118.7
The Teaching Company Holdings, Inc.						Education publications provider						Preferred stock																		09/2006												10,663									1.1						2.3			(2)
												Common stock																		09/2006												15,393									—						0.1			(2)
																																																			1.1						2.4

See accompanying notes to consolidated financial statements

114

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			584.7						649.7						5.80%
Retailing and Distribution
Bamboo Purchaser, Inc.						Provider of nursery, garden, and greenhouse products						First lien senior secured loan						12.00%			SOFR (Q)			6.50%						11/2021						11/2027									17.8						17.8						16.9			(2)(11)
BradyIFS Holdings, LLC (15)						Distributor of foodservice disposables and janitorial sanitation products						First lien senior secured loan						11.38%			SOFR (Q)			6.00%						10/2023						10/2029									123.0						123.0						120.5			(2)(11)
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15)						Provider of visual communications solutions						First lien senior secured loan						11.11%			SOFR (M)			5.65%						03/2019						03/2025									15.5						15.5						15.5			(2)(11)
												First lien senior secured loan						11.11%			SOFR (M)			5.65%						08/2019						03/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.11%			SOFR (M)			5.65%						06/2021						03/2025									0.1						0.1						0.1			(2)(11)
												Common units																		03/2019												600									0.6						1.7			(2)
																																																			16.3						17.4
GPM Investments, LLC and ARKO Corp.						Convenience store operator						Common stock																		12/2020												2,088,478									19.8						17.2			(2)(18)
												Warrant to purchase common stock																		12/2020						12/2025						1,088,780									1.6						1.2			(2)(18)
																																																			21.4						18.4
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (15)						Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures						First lien senior secured revolving loan						9.87%			SOFR (Q)			4.50%						11/2023						11/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.37%			SOFR (S)			6.00%						11/2023						11/2029									3.5						3.5						3.4			(2)(11)
												Limited partnership interest						8.00% PIK												11/2023												5,441,000									5.4						5.4			(2)
																																																			9.0						8.9
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC						Distributor of OEM appliance aftermarket parts						First lien senior secured loan						11.75%			SOFR (Q)			6.25%						06/2021						06/2028									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						11.75%			SOFR (Q)			6.25%						12/2021						06/2028									0.2						0.2						0.2			(2)(11)
												Class A common units																		06/2021												5,796									6.1						6.8			(2)
																																																			6.7						7.4
Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP (15)						Auto parts retailer						First lien senior secured revolving loan						8.87%			SOFR (M)			3.25%						05/2021						05/2026									11.2						11.2						11.2			(2)(14)
												Series A preferred stock						7.00% PIK												05/2021												68,601									82.5						82.5			(2)
												Class A-1 units																		05/2021												24,586									24.6						34.3			(2)
																																																			118.3						128.0
McKenzie Creative Brands, LLC (15)						Designer, manufacturer and distributor of hunting-related supplies						First lien senior secured revolving loan						12.21%			SOFR (M)			6.75%						09/2014						09/2025									1.6						1.6						1.6			(2)(11)
												First lien senior secured loan						12.29%			SOFR (Q)			6.75%						09/2014						09/2025									84.5						84.5						84.5			(2)(8)(11)
												First lien senior secured loan						12.29%			SOFR (Q)			6.75%						09/2014						09/2025									5.5						5.5						5.5			(2)(11)
																																																			91.6						91.6

See accompanying notes to consolidated financial statements

115

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Monolith Brands Group, Inc.						E-commerce platform focused on consolidating DTC branded businesses						Series A-1 preferred stock																		04/2022												701,255									15.5						10.2			(2)
Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP						Operator of retail and wholesale tree and plant nurseries						Limited partnership interests																		10/2021												21,939,152									20.8						27.6
North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC						Manufacturer of aftermarket golf cart parts and accessories						First lien senior secured loan						13.52% (3.75% PIK)			SOFR (Q)			8.00%						05/2021						05/2027									26.2						26.2						21.2			(2)(11)
												Class A units																		05/2021												50,000									5.0						—
																																																			31.2						21.2
Reddy Ice LLC (15)						Packaged ice manufacturer and distributor						First lien senior secured revolving loan																		07/2019						07/2025									—						—						—			(2)(13)
												First lien senior secured loan						10.57%			SOFR (Q)			5.00%						07/2019						07/2025									60.6						60.6						60.6			(2)(11)
												First lien senior secured loan						10.57%			SOFR (Q)			5.00%						11/2020						07/2025									4.2						4.2						4.2			(2)(11)
												First lien senior secured loan						10.57%			SOFR (Q)			5.00%						10/2021						07/2025									0.9						0.9						0.9			(2)(11)
												First lien senior secured loan						10.46%			SOFR (M)			5.00%						12/2023						07/2025									2.5						2.5						2.5			(2)(11)
												First lien senior secured loan						11.46%			SOFR (S)			6.00%						12/2023						07/2025									1.5						1.5						1.5			(2)(11)
																																																			69.7						69.7
SCIH Salt Holdings Inc. (15)						Salt and packaged ice melt manufacturer and distributor						First lien senior secured revolving loan						9.46%			SOFR (M)			4.00%						03/2020						12/2026									3.7						3.6						3.7			(2)(11)(14)
Trader Corporation and Project Auto Finco Corp. (15)						Digital automotive marketplace and software solution provider to automotive industry						First lien senior secured loan						12.19%			CDOR (M)			6.75%						12/2022						12/2029									12.4						12.1						12.4			(2)(6)(11)
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (15)						Producer and packager of compressed, household, and packaged salt						First lien senior secured loan						11.00%			SOFR (Q)			5.50%						07/2021						07/2028									26.1						26.1						26.1			(2)(11)
												Limited partner interests																		07/2021												0.40%									0.8						0.7			(2)
																																																			26.9						26.8
																																																			583.9						580.7						5.18%
Capital Goods
AI Aqua Merger Sub, Inc.						End to end provider of water solutions to a wide range of customer bases						First lien senior secured loan						9.09%			SOFR (M)			3.75%						06/2021						07/2028									1.0						1.0						1.0			(2)(11)(18)
Airx Climate Solutions, Inc. (15)						Provider of commercial HVAC equipment and services						First lien senior secured loan						11.68%			SOFR (Q)			6.25%						11/2023						11/2029									9.9						9.9						9.7			(2)(11)
API Commercial Inc., API Military Inc., and API Space Intermediate, Inc.						Provider of military aircraft aftermarket parts and distribution, repair and logistics services						First lien senior secured loan																		05/2022						08/2025									6.8						2.5						3.9			(2)(10)
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc.						Distributor of non-discretionary, mission-critical aftermarket replacement parts						First lien senior secured loan						10.05%			SOFR (Q)			4.50%						08/2021						08/2028									0.1						0.1						0.1			(2)(11)
												Common stock																		08/2021												5,054									5.1						—			(2)

See accompanying notes to consolidated financial statements

116

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			5.2						0.1
BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC (15)						Provides products and services to the Department of Defense and Intelligence Community						First lien senior secured revolving loan						12.03%			SOFR (Q)			6.50%						05/2022						10/2025									1.8						1.7						1.7			(2)(11)(14)
												First lien senior secured loan						12.01%			SOFR (Q)			6.50%						05/2022						10/2025									1.0						1.0						1.0			(2)(11)
																																																			2.7						2.7
Burgess Point Purchaser Corporation						Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts						First lien senior secured loan						10.71%			SOFR (M)			5.25%						07/2022						07/2029									22.1						20.7						20.8			(2)(11)(18)
CPIG Holdco Inc.						Distributor of engineered fluid power and complex machined solutions						First lien senior secured loan						12.49%			SOFR (Q)			7.00%						04/2023						04/2028									14.7						14.7						14.7			(2)(11)
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc. (15)						Manufacturer of pumps, valves, and fluid control components for industrial markets						First lien senior secured revolving loan																		10/2023						10/2029									—						—						—			(2)(13)
												First lien senior secured loan						11.40%			SOFR (Q)			6.00%						10/2023						10/2030									38.8						38.8						37.8			(2)(11)
																																																			38.8						37.8
DFS Holding Company, Inc. (15)						Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry						First lien senior secured loan						12.46%			SOFR (M)			7.00%						01/2023						01/2029									2.1						2.0						2.1			(2)(11)
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (15)						Provider of aerospace technology and equipment						First lien senior secured revolving loan						12.53%			SOFR (Q)			7.00%						12/2020						12/2025									3.7						3.7						3.7			(2)(11)
												First lien senior secured loan						12.54%			SOFR (Q)			7.00%						12/2020						12/2026									21.4						21.4						21.4			(2)(11)
												Common units																		12/2020												9,773,000									9.8						8.7
																																																			34.9						33.8
EPS NASS Parent, Inc. (15)						Provider of maintenance and engineering services for electrical infrastructure						First lien senior secured revolving loan						11.25%			SOFR (Q)			5.75%						04/2021						04/2026									1.2						1.2						1.2			(2)(11)(14)
												First lien senior secured loan						11.25%			SOFR (Q)			5.75%						04/2021						04/2028									0.2						0.2						0.2			(2)(11)
																																																			1.4						1.4
ESCP PPG Holdings, LLC (4)						Distributor of new equipment and aftermarket parts to the heavy-duty truck industry						Class A-1 units																		08/2022												96,897									2.3						4.4			(2)
												Class A-2 units																		12/2016												3,500									3.5						—			(2)
																																																			5.8						4.4
Harvey Tool Company, LLC (15)						Manufacturer of cutting tools used in the metalworking industry						First lien senior secured loan						11.12%			SOFR (Q)			5.50%						10/2021						10/2027									3.6						3.6						3.6			(2)(11)
Helix Acquisition Holdings, Inc.						Manufacturer of springs, fasteners and custom components						First lien senior secured loan						12.45%			SOFR (Q)			7.00%						03/2023						03/2030									11.9						11.9						11.9			(2)(11)
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5)						Provider of high-speed intelligent document scanning hardware and software						Senior subordinated loan						14.00% (7.00% PIK)												01/2017						12/2028									17.2						17.0						17.2			(2)
												Class A common stock																		01/2017												48,544									13.5						48.2
																																																			30.5						65.4

See accompanying notes to consolidated financial statements

117

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Kene Acquisition, Inc. and Kene Holdings, L.P. (15)						National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets						First lien senior secured revolving loan																		08/2019						08/2024									—						—						—			(2)(13)
												First lien senior secured loan						9.75%			SOFR (Q)			4.25%						08/2019						08/2026									40.2						40.2						40.2			(2)(11)
												Class A units																		08/2019												4,549,000									0.5						8.5			(2)
																																																			40.7						48.7
LTG Acquisition, Inc.						Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets						Class A membership units																		01/2017												5,000									5.1						—
Maverick Acquisition, Inc.						Manufacturer of precision machined components for defense and high-tech industrial platforms						First lien senior secured loan						11.60%			SOFR (Q)			6.25%						06/2021						06/2027									27.3						27.3						22.1			(2)(11)
NCWS Intermediate, Inc. and NCWS Holdings LP						Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market						First lien senior secured loan						11.53%			SOFR (Q)			6.00%						12/2020						12/2026									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.53%			SOFR (Q)			6.00%						11/2021						12/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						12.03%			SOFR (Q)			6.50%						11/2021						12/2026									96.3						96.3						96.3			(2)(11)
												First lien senior secured loan						12.03%			SOFR (Q)			6.50%						12/2021						12/2026									13.9						13.9						13.9			(2)(11)
												Class A-2 common units																		12/2020												12,296,000									12.9						28.0			(2)
																																																			123.4						138.5
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC						Provider of structural integrity management services to transmission and distribution infrastructure						Second lien senior secured loan						12.11%			SOFR (M)			6.75%						06/2021						06/2029									55.3						55.3						54.7			(2)(11)
Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP.						Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry						First lien senior secured loan						11.46%			SOFR (M)			6.00%						08/2021						08/2027									11.5						11.5						11.4			(2)(6)(11)
												First lien senior secured loan						11.46%			SOFR (M)			6.00%						04/2022						08/2027									3.9						3.9						3.9			(2)(6)(11)
												Class A units																		08/2021												88,420									13.4						24.8			(2)
																																																			28.8						40.1
Qnnect, LLC and Connector TopCo, LP (15)						Manufacturer of highly engineered hermetic packaging products						First lien senior secured loan						12.38%			SOFR (Q)			7.00%						11/2022						11/2029									10.7						10.7						10.7			(2)(11)
												Limited partnership interests																		11/2022												992,500									9.9						11.4			(2)
																																																			20.6						22.1
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (15)						Metal fabricator in the aerospace industry						First lien senior secured revolving loan						11.23%			SOFR (M)			5.75%						03/2019						03/2025									0.5						0.5						0.5			(2)(6)(11)
												First lien senior secured revolving loan						10.94%			SONIA (M)			5.75%						11/2019						03/2025									0.8						0.8						0.8			(2)(6)(11)
																																																			1.3						1.3

See accompanying notes to consolidated financial statements

118

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
						Distributor of maintenance, repair, and operations parts						First lien senior secured revolving loan						12.10%			SOFR (Q)			6.75%						12/2022						04/2028									0.9						0.8						0.9			(2)(11)
												First lien senior secured loan						12.10%			SOFR (Q)			6.75%						12/2022						04/2029									0.1						0.1						0.1			(2)(11)
																																																			0.9						1.0
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon (15)						Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets						First lien senior secured revolving loan																		10/2017						10/2024									—						—						—			(2)(11)(13)
Two Six Labs, LLC (15)						Provider of information operations, cyber, and data analytics products and services for government and defense contracts						First lien senior secured loan						11.35%			SOFR (Q)			6.00%						10/2023						08/2027									8.6						8.6						8.6			(2)(11)
																																																			497.6						550.4						4.91%
Energy
Calyx Energy III, LLC						Oil and gas exploration company						First lien senior secured loan						13.47%			SOFR (M)			8.00%						08/2022						01/2027									43.3						43.3						43.3			(2)(11)
												First lien senior secured loan						16.47%			SOFR (M)			11.00%						06/2023						01/2027									5.0						4.9						5.0			(2)(11)
												First lien senior secured loan						16.46%			SOFR (M)			11.00%						08/2023						01/2027									10.1						9.8						10.1			(2)(11)
																																																			58.0						58.4
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC (15)						Private oil exploration and production company						First lien senior secured loan						14.45%			SOFR (Q)			9.00%						11/2022						11/2026									49.3						49.3						49.3			(2)(11)
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (15)						Independent fuel provider in New Zealand						First lien senior secured loan						11.69%			BKBM (Q)			6.00%						05/2022						07/2027									30.7						30.5						30.7			(2)(6)(11)
												Common units																		07/2022												17,616,667									5.9						10.0			(2)(6)
																																																			36.4						40.7
Halcon Holdings, LLC						Operator of development, exploration, and production oil company						First lien senior secured loan						12.94%			SOFR (Q)			7.50%						11/2021						11/2025									11.4						11.3						11.4			(2)
HighPeak Energy, Inc.						Oil and gas exploration and production company						First lien senior secured loan						13.00%			SOFR (A)			7.50%						09/2023						09/2026									91.9						89.8						91.9			(2)(6)(11)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC						Exploration and production company						First lien senior secured loan						14.00%			SOFR (Q)			8.50%						06/2022						06/2026									78.3						78.3						78.3			(2)(11)
												Preferred units						8.00%												06/2022												41,000									41.0						52.0
																																																			119.3						130.3
Offen, Inc.						Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives						First lien senior secured loan						10.38%			SOFR (M)			5.00%						05/2022						06/2026									0.1						0.1						0.1			(2)
SilverBow Resources, Inc.						Oil and gas producer						Common stock																		06/2022												369,760									10.1						10.8			(2)(6)(18)
VPROP Operating, LLC and V SandCo, LLC (5)						Sand-based proppant producer and distributor to the oil and natural gas industry						First lien senior secured loan						15.10%			SOFR (M)			9.50%						03/2017						11/2024									27.3						27.3						27.3			(2)(11)
												First lien senior secured loan						15.10%			SOFR (M)			9.50%						06/2020						11/2024									6.0						6.0						6.0			(2)(11)			Radwell Parent, LLC (15)

See accompanying notes to consolidated financial statements

119

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						15.10%			SOFR (M)			9.50%						11/2020						11/2024									5.0						4.9						5.0			(2)(11)
												Class A units																		11/2020												347,900									32.8						61.1			(2)
																																																			71.0						99.4
																																																			445.3						492.3						4.40%
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC						Harvester and processor of seafood						Class A units																		08/2015												77,922									0.1						0.2			(2)
												Warrant to purchase units of Class A units																		08/2015						08/2035						7,422,078									7.4						15.4			(2)
																																																			7.5						15.6
Berner Food & Beverage, LLC (15)						Supplier of dairy-based food and beverage products						First lien senior secured revolving loan						13.00%			Base Rate (Q)			4.50%						07/2021						07/2026									0.5						0.5						0.5			(2)(11)
												First lien senior secured revolving loan						11.03%			SOFR (Q)			5.50%						07/2021						07/2026									0.3						0.3						0.3			(2)(11)
																																																			0.8						0.8
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15)						Health food company						First lien senior secured loan						11.60%			SOFR (Q)			6.25%						12/2020						12/2025									26.6						26.6						26.6			(2)(11)
												Common units																		03/2019												14,850									11.5						17.3			(2)
																																																			38.1						43.9
CHG PPC Parent LLC & PPC CHG Blocker LLC						Diversified food products manufacturer						Second lien senior secured loan						12.22%			SOFR (M)			6.75%						12/2021						12/2029									94.6						94.6						94.6			(2)(11)
												Common units																		12/2021												59									3.0						3.8			(2)
																																																			97.6						98.4
Demakes Borrower, LLC (15)						Value-added protein manufacturer						First lien senior secured loan						11.60%			SOFR (S)			6.25%						12/2023						12/2029									6.3						6.3						6.1			(2)(11)
Florida Food Products, LLC						Provider of plant extracts and juices						First lien senior secured loan						10.47%			SOFR (M)			5.00%						10/2021						10/2028									0.5						0.4						0.4			(2)(11)
												First lien senior secured loan						10.36%			SOFR (M)			5.00%						06/2022						10/2028									0.4						0.4						0.4			(2)(11)
												Second lien senior secured loan						13.47%			SOFR (M)			8.00%						10/2021						10/2029									71.8						71.8						66.0			(2)(11)
																																																			72.6						66.8
GF Parent LLC						Producer of low-acid, aseptic food and beverage products						Class A preferred units																		05/2015												2,940									2.9						—			(2)
												Class A common units																		05/2015												60,000									0.1						—			(2)
																																																			3.0						—
Gotham Greens Holdings, PBC (15)						Producer of vegetables and culinary herbs for restaurants and retailers						First lien senior secured loan						14.33% (2.00% PIK)			SOFR (M)			8.88%						06/2022						12/2026									37.5						37.5						37.5			(2)(11)
												Series E-1 preferred stock						6.00% PIK												06/2022												177,332									14.2						15.2			(2)
												Series E-1 preferred stock																		06/2022												11,273									—						—			(2)
												Warrant to purchase shares of Series E-1 preferred stock																		06/2022						06/2032						78,216									—						—			(2)
																																																			51.7						52.7
KNPC HoldCo, LLC						Producer of trail mix and mixed nut snack products						First lien senior secured loan						11.00%			SOFR (Q)			5.50%						04/2022						10/2029									5.6						5.6						5.6			(2)(11)
												First lien senior secured loan						12.25%			SOFR (Q)			6.75%						12/2022						10/2029									1.3						1.3						1.3			(2)(11)
												First lien senior secured loan						11.48%			SOFR (Q)			6.00%						11/2023						10/2029									2.8						2.8						2.8			(2)(11)

See accompanying notes to consolidated financial statements

120

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			9.7						9.7
Manna Pro Products, LLC (15)						Manufacturer and supplier of specialty nutrition and care products for animals						First lien senior secured revolving loan						11.46%			SOFR (M)			6.00%						12/2020						12/2026									5.1						5.1						4.8			(2)(11)
Max US Bidco Inc.						Manufacturer of premium dry dog food						First lien senior secured loan						10.35%			SOFR (Q)			5.00%						10/2023						10/2030									1.0						0.9						0.9			(2)(18)
RB Holdings InterCo, LLC (15)						Manufacturer of pet food and treats						First lien senior secured revolving loan						10.53%			SOFR (Q)			5.00%						05/2022						05/2028									1.8						1.8						1.8			(2)(11)
												First lien senior secured loan						10.52%			SOFR (Q)			5.00%						05/2022						05/2028									11.4						11.4						11.3			(2)(11)
																																																			13.2						13.1
RF HP SCF Investor, LLC						Branded specialty food company						Membership interest																		12/2016												10.08%									12.5						29.5			(2)(6)
Sugar PPC Buyer LLC (15)						Manufacturer and distributor of food products						First lien senior secured loan						11.34%			SOFR (M)			6.00%						10/2023						10/2030									12.4						12.4						12.1			(2)(11)
Teasdale Foods, Inc. and Familia Group Holdings Inc.						Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels						First lien senior secured loan						12.68% (1.00% PIK)			SOFR (Q)			7.25%						12/2020						12/2025									76.1						76.1						69.3			(2)(11)
												Warrant to purchase shares of common stock																		02/2019						02/2034						57,827									—						—			(2)
																																																			76.1						69.3
Triton Water Holdings, Inc.						Producer and provider of bottled water brands						First lien senior secured loan						8.86%			SOFR (Q)			3.25%						03/2021						03/2028									1.0						1.0						1.0			(2)(11)(18)
												Senior subordinated loan						6.25%												03/2021						04/2029									0.1						0.1						0.1			(2)(18)
																																																			1.1						1.1
Watermill Express, LLC and Watermill Express Holdings, LLC						Owner and operator of self-service water and ice stations						First lien senior secured loan						10.50%			SOFR (Q)			5.00%						04/2021						04/2027									20.9						20.9						20.9			(2)(11)
												Class A units						8.00% PIK												04/2021												282,200									3.5						4.5
																																																			24.4						25.4
Winebow Holdings, Inc. and The Vintner Group, Inc.						Importer and distributor of wine						First lien senior secured loan						11.71%			SOFR (M)			6.25%						04/2021						07/2025									27.7						27.7						26.6			(2)(11)
																																																			460.7						476.8						4.26%
Consumer Staples Distribution and Retail
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.						Manufacturer and distributor of specialty bakery ingredients						First lien senior secured loan						9.97%			SOFR (M)			4.50%						07/2023						09/2028									16.4						16.4						16.4			(2)(11)
												Second lien senior secured loan						12.47%			SOFR (M)			7.00%						09/2021						09/2029									29.5						29.5						29.5			(2)(11)
												Class A preferred units						8.00% PIK												09/2021						08/2051						5,484									6.6						12.9			(2)
												Series A preferred shares						11.00% PIK												09/2021						08/2051						21,921									28.3						28.3			(2)
																																																			80.8						87.1
BR PJK Produce, LLC (15)						Specialty produce distributor						First lien senior secured loan						11.46%			SOFR (Q)			6.00%						12/2023						11/2027									1.4						1.3						1.4			(2)(11)
City Line Distributors LLC and City Line Investments LLC (15)						Specialty food distributor						First lien senior secured loan						11.46%			SOFR (M)			6.00%						08/2023						08/2028									3.2						3.2						3.1			(2)(11)
												Class A units						8.00% PIK												08/2023												3,473,000									3.5						3.8			(2)
																																																			6.7						6.9

See accompanying notes to consolidated financial statements

121

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Continental Café, LLC and Infinity Ovation Yacht Charters, LLC (15)						Diversified contract food service provider						First lien senior secured revolving loan						11.45%			SOFR (M)			6.00%						11/2021						11/2027									1.1						1.1						1.1			(2)(11)
												First lien senior secured loan						11.46%			SOFR (M)			6.00%						11/2021						11/2027									6.3						6.3						6.3			(2)(11)
												First lien senior secured loan						11.44%			SOFR (M)			6.00%						04/2023						11/2027									1.3						1.3						1.3			(2)(11)
												First lien senior secured loan						11.71%			SOFR (M)			6.25%						06/2023						11/2027									1.6						1.6						1.6			(2)(11)
																																																			10.3						10.3
DecoPac, Inc. and KCAKE Holdings Inc. (15)						Supplier of cake decorating solutions and products to in-store bakeries						First lien senior secured revolving loan						11.49%			SOFR (M)			6.00%						05/2021						05/2026									4.9						4.9						4.9			(2)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						05/2021						05/2028									147.1						147.1						147.1			(2)(11)
												Common stock																		05/2021												9,599									9.6						10.2			(2)
																																																			161.6						162.2
FS Squared Holding Corp. and FS Squared, LLC (15)						Provider of on-site vending and micro market solutions						First lien senior secured revolving loan																		03/2019						03/2024									—						—						—			(2)(13)
												First lien senior secured loan						10.71%			SOFR (M)			5.25%						03/2019						03/2025									0.1						0.1						0.1			(2)(11)
												Class A units																		03/2019												113,219									11.1						33.1			(2)
																																																			11.2						33.2
JWC/KI Holdings, LLC						Foodservice sales and marketing agency						Membership units																		11/2015												5,000									5.0						11.4			(2)
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (15)(16)						Distributor of specialty foods						First lien senior secured loan						12.03%			SOFR (Q)			6.50%						10/2022						10/2028									39.9						39.9						39.6			(2)(11)
												Limited partnership interests																		10/2022												9,683,991									9.7						9.8			(2)
																																																			49.6						49.4
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (15)						Produce distribution platform						First lien senior secured revolving loan																		05/2023						05/2029									—						—						—			(2)(13)
												First lien senior secured loan						11.70%			SOFR (M)			6.25%						05/2023						05/2029									9.7						9.7						9.7			(2)(11)
												Class B limited liability company interest																		05/2023												17.71%									9.6						10.0			(2)
																																																			19.3						19.7
SFE Intermediate Holdco LLC						Provider of outsourced foodservice to K-12 school districts						First lien senior secured loan						11.50%			SOFR (Q)			6.00%						07/2017						07/2026									6.2						6.2						6.2			(2)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						09/2018						07/2026									9.9						9.9						9.9			(2)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						03/2022						07/2026									0.4						0.4						0.4			(2)(11)
																																																			16.5						16.5
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (15)(16)						Fresh and specialty food distributor						First lien senior secured revolving loan						11.60%			SOFR (Q)			6.25%						02/2023						01/2029									0.8						0.8						0.8			(2)(11)(14)
												First lien senior secured loan						11.60%			SOFR (Q)			6.25%						02/2023						01/2029									7.4						7.4						7.3			(2)(11)
												Common units																		01/2023												1,673,000									1.7						1.8
																																																			9.9						9.9
ZB Holdco LLC and ZB TopCo LLC (15)						Distributor of Mediterranean food and beverages						First lien senior secured revolving loan																		02/2022						02/2028									—						—						—			(2)(13)

See accompanying notes to consolidated financial statements

122

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						02/2022						02/2028									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.50%			SOFR (Q)			6.00%						08/2023						02/2028									3.9						3.9						3.9			(2)(11)
												Series A units																		06/2023												4,699									4.0						5.1			(2)
																																																			8.1						9.2
																																																			380.3						417.2						3.72%
Automobiles and Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC						Provider of replacement wireless keys for automotive market						First lien senior secured loan						11.75%			SOFR (Q)			6.25%						12/2021						11/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.75%			SOFR (Q)			6.25%						12/2022						11/2025									5.1						5.1						4.9			(2)(11)
												Preferred units																		11/2020												4,113,113									5.1						1.8			(2)
												Preferred units																		11/2020												1,095,046									1.1						0.5			(2)
												Class A common units																		11/2020												5,208,159									—						—			(2)
																																																			11.4						7.3
Continental Acquisition Holdings, Inc.						Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets						First lien senior secured loan						12.50% (5.50% PIK)			SOFR (Q)			7.00%						01/2021						01/2027									36.2						36.2						31.2			(2)(11)
												First lien senior secured loan						12.50% PIK			SOFR (Q)			7.00%						12/2021						01/2027									5.4						5.4						4.6			(2)(11)
																																																			41.6						35.8
Eckler Purchaser LLC (5)						Restoration parts and accessories provider for classic automobiles						Class A common units																		07/2012												67,972									—						—			(2)
Faraday Buyer, LLC (15)						Manufacturer and supplier for the power utility and automotive markets worldwide						First lien senior secured loan						11.35%			SOFR (Q)			6.00%						11/2023						10/2028									63.3						63.3						62.1			(2)(11)
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc.						Electric vehicle manufacturer						Warrant to purchase shares of Class A common stock																		08/2021						08/2027						27,824,527									2.3						—			(2)
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (15)						Manufacturer and distributor of automotive fluids						First lien senior secured revolving loan																		11/2020						11/2025									—						—						—			(2)(13)
												Second lien senior secured loan						13.52%			SOFR (Q)			8.00%						11/2020						11/2028									70.4						70.4						70.4			(2)(11)
												Co-invest units																		11/2020												59,230									5.9						5.6			(2)
																																																			76.3						76.0
New ChurcHill HoldCo LLC and Victory Topco, LP (15)						Operator of collision repair centers						First lien senior secured revolving loan						10.87%			SOFR (Q)			5.50%						11/2023						11/2029									0.3						0.3						0.3			(2)(11)
												First lien senior secured loan						10.87%			SOFR (Q)			5.50%						11/2023						11/2029									9.1						9.1						8.9			(2)(11)
												Class A-2 common units																		11/2023												20,170									2.0						2.0			(2)
																																																			11.4						11.2
Sun Acquirer Corp. and Sun TopCo, LP (15)						Automotive parts and repair services retailer						First lien senior secured revolving loan						11.22%			SOFR (M)			5.75%						09/2021						09/2027									1.7						1.7						1.7			(2)(11)(14)
												First lien senior secured loan						11.22%			SOFR (M)			5.75%						09/2021						09/2028									51.8						51.8						51.3			(2)(11)

See accompanying notes to consolidated financial statements

123

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.22%			SOFR (M)			5.75%						11/2021						09/2028									5.3						5.3						5.2			(2)(11)
												Class A units																		09/2021												79,688									8.0						9.1			(2)
																																																			66.8						67.3
Wand Newco 3, Inc.						Collision repair company						Second lien senior secured loan						12.71%			SOFR (M)			7.25%						02/2019						02/2027									121.8						120.8						121.8			(2)
																																																			393.9						381.5						3.41%
Pharmaceuticals, Biotechnology and Life Sciences
Abzena Holdings, Inc. and Astro Group Holdings Ltd.						Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries						A ordinary shares																		05/2021												2,476,744									5.7						4.5			(2)(6)
ADMA Biologics Inc.						Biopharmaceutical company						First lien senior secured loan						11.88%			SOFR (S)			6.50%						12/2023						12/2027									6.5						6.4						6.4			(2)(6)(11)
Alcami Corporation and ACM Note Holdings, LLC (15)						Outsourced drug development services provider						First lien senior secured loan						12.46%			SOFR (M)			7.00%						12/2022						12/2028									9.4						9.4						9.4			(2)(11)
												Senior subordinated loan						10.00% PIK												12/2022						06/2029									21.0						21.0						21.0			(2)
																																																			30.4						30.4
Athyrium Buffalo LP						Biotechnology company engaging in the development, manufacture, and commercialization of novel neuromodulators						Limited partnership interests																		06/2022												7,628,966									7.6						7.4			(2)(6)
												Limited partnership interests																		08/2023												3,756,395									3.8						3.6			(2)(6)
																																																			11.4						11.0
Bamboo US BidCo LLC (15)						Biopharmaceutical company						First lien senior secured loan						11.38%			SOFR (Q)			6.00%						09/2023						09/2030									29.4						29.4						28.5			(2)(11)
Caerus Midco 3 S.à r.l. (15)						Provider of market intelligence and analysis for the pharmaceutical industry						First lien senior secured revolving loan						11.11%			SOFR (M)			5.75%						10/2022						05/2029									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						11.13%			SOFR (Q)			5.75%						10/2022						05/2029									7.1						7.0						7.1			(2)(6)(11)
																																																			7.1						7.2
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (15)						Provider of biological products to life science and pharmaceutical companies						First lien senior secured revolving loan						11.47%			SOFR (M)			6.00%						10/2021						10/2027									2.7						2.7						2.7			(2)(11)
												First lien senior secured loan						11.47%			SOFR (M)			6.00%						10/2021						10/2028									31.5						31.5						31.2			(2)(11)
												First lien senior secured loan						11.47%			SOFR (M)			6.00%						06/2023						10/2028									11.5						11.5						11.4			(2)(11)
												Series A preferred shares						15.59% PIK			SOFR (Q)			10.00%						10/2021												60,236									81.1						81.1			(2)(11)
												Preferred units						8.00% PIK												10/2021						10/2051						3,020									3.6						4.1			(2)
												Class A common units																		10/2021												30,500									—						0.1			(2)
																																																			130.4						130.6
NMC Skincare Intermediate Holdings II, LLC (15)						Developer, manufacturer and marketer of skincare products						First lien senior secured revolving loan						11.46% (1.00% PIK)			SOFR (M)			6.00%						10/2018						11/2026									1.0						1.0						0.9			(2)(11)
												First lien senior secured loan						11.44% (1.00% PIK)			SOFR (M)			6.00%						10/2018						11/2026									30.5						30.5						29.0			(2)(11)

See accompanying notes to consolidated financial statements

124

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.44% (1.00% PIK)			SOFR (M)			6.00%						05/2022						11/2026									4.6						4.6						4.4			(2)(11)
																																																			36.1						34.3
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.						Contract research organization providing research and development and testing of medical devices						First lien senior secured loan						11.28%			SOFR (Q)			5.75%						09/2020						09/2027									47.1						47.1						47.1			(2)(11)
												First lien senior secured loan						11.28%			SOFR (Q)			5.75%						12/2020						09/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.28%			SOFR (Q)			5.75%						02/2021						09/2027									2.5						2.5						2.5			(2)(11)
												First lien senior secured loan						11.28%			SOFR (Q)			5.75%						09/2021						09/2027									0.1						0.1						0.1			(2)(11)
												Senior subordinated loan						11.00% PIK												03/2023						03/2025									1.5						1.5						1.5			(2)
												Class A preferred units						8.00% PIK												09/2020												13,528									17.5						41.1			(2)
																																																			68.8						92.4
Verista, Inc. (15)						Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector						First lien senior secured revolving loan						11.38%			SOFR (Q)			6.00%						05/2022						02/2027									1.3						1.1						1.3			(2)(11)
												First lien senior secured loan						11.39%			SOFR (Q)			6.00%						05/2022						02/2027									0.8						0.8						0.8			(2)(11)
																																																			1.9						2.1
Vertice Pharma UK Parent Limited						Manufacturer and distributor of generic pharmaceutical products						Preferred shares																		12/2015												40,662									—						—			(6)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (15)						Manufacturer of monoclonal antibodies						First lien senior secured loan						11.64%			SOFR (S)			6.25%						11/2023						11/2030									5.0						5.0						4.9			(2)(11)
												Limited partnership interest																		11/2023												1,529,000									1.5						1.5			(2)
																																																			6.5						6.4
																																																			334.1						353.8						3.16%
Materials
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (15)						Manufacturer and supplier of printed packaging and trimmings						First lien senior secured loan						11.64%			SOFR (Q)			6.00%						12/2021						12/2027									0.1						0.1						0.1			(2)(11)
												Class A units																		12/2021												195,990									19.6						8.7			(2)
																																																			19.7						8.8
Halex Holdings, Inc. (5)						Manufacturer of flooring installation products						Common stock																		01/2017												51,853									—						—
H-Food Holdings, LLC and Matterhorn Parent, LLC						Food contract manufacturer						First lien senior secured loan						10.65%			SOFR (Q)			5.00%						12/2021						05/2025									0.1						0.1						0.1			(2)(11)(18)
												First lien senior secured loan						9.34%			SOFR (Q)			3.69%						06/2022						05/2025									26.1						24.6						20.8			(2)(18)
												First lien senior secured loan						9.65%			SOFR (Q)			4.00%						07/2022						05/2025									3.3						3.1						2.6			(2)(18)
												Second lien senior secured loan						12.54%			SOFR (Q)			7.00%						11/2018						03/2026									73.0						73.0						58.4			(2)
												Common units																		11/2018												5,827									5.8						—
																																																			106.6						81.9

See accompanying notes to consolidated financial statements

125

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (15)						Manufacturer of thermoformed packaging for medical devices						First lien senior secured revolving loan						9.71%			SOFR (M)			4.25%						07/2019						07/2026									1.4						1.4						1.4			(2)(6)(11)
												First lien senior secured revolving loan						8.33%			Euribor (M)			4.50%						07/2019						07/2026									1.2						1.2						1.2			(2)(6)
												First lien senior secured loan						8.45%			Euribor (Q)			4.50%						07/2019						07/2026									4.9						5.0						4.9			(2)(6)
												First lien senior secured loan						9.78%			SOFR (Q)			4.25%						07/2019						07/2026									14.7						14.7						14.7			(2)(6)(11)
												First lien senior secured loan						8.45%			Euribor (Q)			4.50%						08/2019						07/2026									1.5						1.5						1.5			(2)(6)
												Class A units																		07/2019												6,762,668									6.8						9.4			(2)(6)
																																																			30.6						33.1
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.						Developer and manufacturer of absorbent pads for food products						First lien senior secured loan						12.21%			SOFR (M)			6.75%						12/2020						12/2026									22.8						22.8						21.9			(2)(11)
												First lien senior secured loan						12.21%			SOFR (M)			6.75%						12/2022						12/2026									0.3						0.3						0.3			(2)(11)
												Class A preferred units						10.00% PIK												12/2020												4,772									4.6						3.3			(2)
												Class C units																		12/2020												4,772									—						—			(2)
																																																			27.7						25.5
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC						Manufacturer of specialized acrylic and polycarbonate sheets						First lien senior secured loan						9.64%			SOFR (Q)			4.00%						12/2018						12/2025									22.4						21.6						21.3			(2)(11)(18)
												Second lien senior secured loan						12.89%			SOFR (Q)			7.25%						12/2018						12/2026									55.0						55.0						52.2			(2)(11)
												Preferred units						15.00% PIK												10/2023												841									0.1						—			(2)
												Co-Invest units																		12/2018												5,969									0.6						0.3			(2)
																																																			77.3						73.8
Precision Concepts International LLC and Precision Concepts Canada Corporation (15)						Manufacturer of diversified packaging solutions and plastic injection molded products						First lien senior secured loan						11.95%			SOFR (Q)			6.50%						01/2019						01/2026									11.6						11.6						11.5			(2)(6)(11)
												First lien senior secured loan						11.95%			SOFR (Q)			6.50%						06/2021						01/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						11.95%			SOFR (Q)			6.50%						05/2022						01/2026									0.1						0.1						0.1			(2)(6)(11)
																																																			11.8						11.7
SCI PH Parent, Inc.						Industrial container manufacturer, reconditioner and servicer						Series B shares																		08/2018												11									1.1						1.9			(2)
Vobev, LLC and Vobev Holdings, LLC (15)						Producer and filler of aluminum beverage cans						First lien senior secured loan						12.48%			SOFR (M)			7.00%						04/2023						04/2028									8.9						8.9						7.3			(2)(11)
												First lien senior secured loan						13.23% (4.00% PIK)			SOFR (Q)			7.75%						04/2023						04/2028									50.7						50.7						41.6			(2)(11)
												Warrant to purchase shares of ordinary shares																		04/2023						11/2033						4,378									—						—			(2)
												Warrant to purchase units of class B units																		11/2023						04/2028						49,344									—						3.2			(2)
																																																			59.6						52.1
																																																			334.4						288.8						2.58%
Technology Hardware and Equipment

See accompanying notes to consolidated financial statements

126

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Chariot Buyer LLC (15)						Provider of smart access solutions across residential and commercial properties						Second lien senior secured loan						12.21%			SOFR (M)			6.75%						11/2021						11/2029									135.5						135.4						134.1			(2)(11)
Everspin Technologies, Inc.						Designer and manufacturer of computer memory solutions						Warrant to purchase shares of common stock																		10/2016						10/2026						18,461									0.4						—
ITI Holdings, Inc. (15)						Provider of innovative software and equipment for motor vehicle agencies						First lien senior secured revolving loan						13.00%			Base Rate (Q)			4.50%						03/2022						03/2028									1.5						1.5						1.5			(11)
												First lien senior secured revolving loan						10.96%			SOFR (M)			5.50%						03/2022						03/2028									2.0						2.0						1.9			(2)(11)
												First lien senior secured revolving loan						13.00%			Base Rate (Q)			4.50%						03/2022						03/2028									2.3						2.3						2.3			(2)(11)
												First lien senior secured loan						10.96%			SOFR (M)			5.50%						03/2022						03/2028									34.7						34.7						33.6			(2)(11)
																																																			40.5						39.3
Micromeritics Instrument Corp. (15)						Scientific instrument manufacturer						First lien senior secured loan						9.93%			SOFR (Q)			4.50%						12/2019						12/2025									18.4						18.4						18.4			(2)(11)
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P.						Provider of analytical instrumentation and testing equipment and services						First lien senior secured loan						12.13%			SOFR (Q)			6.75%						03/2023						03/2029									17.4						17.4						17.4			(2)(11)
												First lien senior secured loan						11.11%			SOFR (Q)			5.75%						10/2023						03/2029									2.8						2.8						2.8			(2)(11)
												Limited partnership interests																		03/2023												0.62%									9.9						12.6			(2)
												Class A-2 units																		01/2022												34,832									4.8						4.5
																																																			34.9						37.3
Repairify, Inc. and Repairify Holdings, LLC (15)						Provider of automotive diagnostics scans and solutions						First lien senior secured revolving loan						10.70%			SOFR (Q)			5.00%						06/2021						06/2027									4.8						4.8						4.7			(2)(11)
												Class A common units																		06/2021												163,820									4.9						4.4			(2)
																																																			9.7						9.1
Wildcat BuyerCo, Inc. and Wildcat Parent, LP (15)						Provider and supplier of electrical components for commercial and industrial applications						First lien senior secured revolving loan																		02/2020						02/2027									—						—						—			(2)(13)
												First lien senior secured loan						11.10%			SOFR (Q)			5.75%						02/2020						02/2027									18.5						18.5						18.5			(2)(11)
												First lien senior secured loan						11.10%			SOFR (Q)			5.75%						11/2021						02/2027									2.5						2.5						2.5			(2)(11)
												First lien senior secured loan						11.10%			SOFR (Q)			5.75%						05/2022						02/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.13%			SOFR (Q)			5.75%						11/2023						02/2027									5.5						5.5						5.5			(2)(11)
												Limited partnership interests																		02/2020												17,655									1.5						5.7			(2)
																																																			28.2						32.4
																																																			267.5						270.6						2.42%
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (15)						Provider of personal care appliances						First lien senior secured loan						11.21%			SOFR (M)			5.75%						12/2021						12/2027									3.7						3.7						3.6			(2)(11)
												Common stock																		12/2021												6,149									6.1						4.0			(2)
																																																			9.8						7.6

See accompanying notes to consolidated financial statements

127

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Foundation Consumer Brands, LLC						Pharmaceutical holding company of over the counter brands						First lien senior secured loan						11.79%			SOFR (Q)			6.25%						02/2021						02/2027									13.5						13.2						13.5			(2)(11)
												First lien senior secured loan						11.75%			SOFR (Q)			6.25%						06/2023						02/2027									0.2						0.2						0.2			(2)(11)
																																																			13.4						13.7
LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P.						Provider of intimate wellness products						First lien senior secured loan						12.10%			SOFR (Q)			6.75%						11/2022						11/2028									18.5						18.5						18.5			(2)(6)(11)
												First lien senior secured loan						11.89%			SOFR (S)			6.50%						12/2023						11/2028									8.9						8.9						8.9			(2)(6)(11)
												Preferred units						8.00% PIK												11/2022												3,178									3.5						3.5			(2)(6)
												Class B common units																		11/2022												32,105									—						1.8			(2)(6)
																																																			30.9						32.7
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (15)						Manufacturer and supplier of natural fragrance materials and cosmeceuticals						First lien senior secured revolving loan						12.46%			SOFR (M)			7.00%						08/2021						08/2027									0.7						0.7						0.6			(2)(11)
												First lien senior secured loan						12.46% (3.50% PIK)			SOFR (M)			7.00%						08/2021						08/2027									27.3						27.3						24.3			(2)(11)
												Limited partner interests																		08/2021												4.58%									5.0						1.0			(2)
																																																			33.0						25.9
RD Holdco Inc. (5)						Manufacturer and marketer of carpet cleaning machines						Senior subordinated loan																		01/2017						10/2026									28.0						22.0						13.4			(2)(10)
												Senior subordinated loan																		04/2023						10/2026									1.0						0.9						0.5			(2)(10)
												Common stock																		01/2017												458,596									14.0						—
																																																			36.9						13.9
Silk Holdings III Corp. and Silk Holdings I Corp. (15)						Producer of personal care products						First lien senior secured revolving loan						11.35%			SOFR (Q)			6.00%						05/2023						05/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						13.10%			SOFR (Q)			7.75%						05/2023						05/2029									16.7						16.7						16.7			(2)(11)
												Common stock																		05/2023												14,199									14.2						26.7			(2)
																																																			31.0						43.5
Walnut Parent, Inc.						Manufacturer of natural solution pest and animal control products						First lien senior secured loan						11.00%			SOFR (Q)			5.50%						11/2020						11/2027									14.4						14.4						14.3			(2)(11)
												First lien senior secured loan						11.00%			SOFR (Q)			5.50%						04/2022						11/2027									0.1						0.1						0.1			(2)(11)
																																																			14.5						14.4
																																																			169.5						151.7						1.35%
Telecommunication Services
Aventiv Technologies, LLC and Securus Technologies Holdings, Inc.						Provider of inmate telecom solutions to corrections and law enforcement agencies						First lien senior secured loan						10.50%			SOFR (Q)			4.89%						05/2022						11/2024									9.1						8.9						7.0			(2)(11)(18)
												Second lien senior secured loan																		05/2022						11/2025									0.2						0.2						0.1			(2)(10)
																																																			9.1						7.1
Emergency Communications Network, LLC (15)						Provider of mission critical emergency mass notification solutions						First lien senior secured revolving loan						14.13% (6.25% PIK)			SOFR (Q)			8.75%						06/2017						06/2024									7.2						7.2						6.3			(2)(11)

See accompanying notes to consolidated financial statements

128

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						14.13% (6.25% PIK)			SOFR (Q)			8.75%						06/2017						06/2024									51.1						51.1						44.5			(2)(11)
																																																			58.3						50.8
																																																			67.4						57.9						0.52%
Transportation
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc.						Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets						First lien senior secured loan						11.23%			SOFR (S)			6.05%						06/2021						06/2027									26.5						26.5						26.5			(2)(11)
												First lien senior secured loan						11.23%			SOFR (S)			6.05%						06/2022						06/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.23%			SOFR (S)			6.05%						03/2023						06/2027									6.2						6.2						6.2			(2)(11)
												Common stock																		06/2021												75,990									7.6						18.3			(2)
																																																			40.4						51.1
																																																			40.4						51.1						0.46%
Education
Excelligence Holdings Corp.						Developer, manufacturer and retailer of educational products						First lien senior secured loan						11.50%			SOFR (Q)			6.00%						04/2017						01/2024									9.1						9.1						9.1			(2)(11)
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15)						Distributor of instructional products, services and resources						First lien senior secured revolving loan						10.97%			SOFR (M)			5.50%						08/2018						08/2024									3.6						3.6						3.6			(2)(11)(14)
												First lien senior secured revolving loan						13.00%			Base Rate (Q)			4.50%						08/2018						08/2024									5.6						5.6						5.6			(2)(11)(14)
												First lien senior secured loan						11.11%			SOFR (Q)			5.50%						07/2017						08/2024									29.3						29.3						29.3			(2)(11)
												First lien senior secured loan						11.11%			SOFR (Q)			5.50%						08/2018						08/2024									1.1						1.1						1.1			(2)(11)
												Series A preferred stock																		10/2014												1,272									0.7						1.2			(2)
																																																			40.3						40.8
																																																			49.4						49.9						0.45%
Total Investments																																																			$	22,667.6					$	22,873.7		(19)			204.23%

See accompanying notes to consolidated financial statements

129

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Derivative Instruments

Forward currency contracts

Description			Notional Amount to be Purchased						Notional Amount to be sold						Counterparty			Settlement Date			Unrealized Appreciation / (Depreciation)
Foreign currency forward contract			$			200			€			190			Royal Bank of Canada			January 26, 2024			$	(7)
Foreign currency forward contract			$			140			£			116			Royal Bank of Canada			January 26, 2024			(7)
Foreign currency forward contract			$			120			CAD			168			Royal Bank of Canada			January 26, 2024			(4)
Foreign currency forward contract			$			114			CAD			153			Royal Bank of Canada			January 18, 2024			(1)
Foreign currency forward contract			$			69			£			56			Royal Bank of Canada			August 21, 2026			(1)
Foreign currency forward contract			$			41			NZD			71			Royal Bank of Canada			January 26, 2024			(4)
Foreign currency forward contract			$			9			$			10			Royal Bank of Canada			January 26, 2024			—
Foreign currency forward contract			$			7			AUD			10			Royal Bank of Canada			November 17, 2026			—
Foreign currency forward contract			$			3			CAD			4			Canadian Imperial Bank of Commerce			January 26, 2024			—
Total																					$	(24)

Interest rate swaps

Description			Hedged Item			Company Receives			Company Pays			Counterparty			Maturity Date			Notional Amount			Fair Value			Upfront Payments/Receipts			Change in Unrealized Appreciation / (Depreciation)
Interest rate swap			January 2027 Notes			7.000		%	SOFR +2.585%			Wells Fargo Bank, N.A.			1/15/2027			$	600		$	10		$	—		$	10
Interest rate swap			January 2027 Notes			7.000		%	SOFR +2.573%			Wells Fargo Bank, N.A.			1/15/2027			300			5			—			5
Total																		$	900		$	15		$	—		$	15

______________________________________________

(1)Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act. In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of December 31, 2023 represented 204% of the Company’s net assets or 96% of the Company’s total assets, are subject to legal restrictions on sales.

(2)These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities (see Note 5).

(3)Investments without an interest rate are non-income producing.

See accompanying notes to consolidated financial statements

130

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(4)As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2023 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

For the Year Ended December 31, 2023																																																												As of December 31, 2023
(in millions) Company						Purchases (cost)						Redemptions (cost)						Sales (cost)						Interest income						Capital structuring service fees						Dividend income						Other income						Net realized gains (losses)						Net  unrealized gains (losses)						Fair Value
Apex Clean Energy TopCo, LLC						$	33.1					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	4.5					$	188.0
APG Intermediate Holdings Corporation and APG Holdings, LLC						—						0.1						—						1.4						—						—						—						—						2.0						23.7
Blue Wolf Capital Fund II, L.P.						—						—						—						—						—						—						—						—						—						—
Bragg Live Food Products, LLC and SPC Investment Co., L.P.						1.6						3.9						—						3.4						—						—						0.1						—						7.2						43.9
Daylight Beta Parent LLC and CFCo, LLC						—						—						—						0.4						—						—						—						—						(0.3)						12.1
ESCP PPG Holdings, LLC						—						—						—						—						—						—						—						—						1.3						4.4
European Capital UK SME Debt LP						—						9.8						—						—						—						7.4						—						—						(0.3)						16.4
PCG-Ares Sidecar Investment, L.P.						—						—						—						—						—						—						—						—						—						0.8
PCG-Ares Sidecar Investment II, L.P.						0.1						—						—						—						—						—						—						—						2.5						18.1
Production Resource Group, L.L.C. and PRG III, LLC						—						1.3						—						10.9						—						—						—						—						11.7						112.9
Shock Doctor, Inc. and Shock Doctor Holdings, LLC						3.3						3.4						11.6						0.2						—						—						—						(10.2)						5.7						—
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.						—						—						—						0.4						—						—						—						—						—						3.7
						$	38.1					$	18.5					$	11.6					$	16.7					$	—					$	7.4					$	0.1					$	(10.2)					$	34.3					$	424.0

See accompanying notes to consolidated financial statements

131

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(5)As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2023 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

For the Year Ended December 31, 2023																																																												As of December 31, 2023
(in millions) Company						Purchases (cost)						Redemptions (cost)						Sales (cost)						Interest income						Capital structuring service fees						Dividend income						Other income						Net realized gains (losses)						Net  unrealized gains (losses)						Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC						$	22.1					$	16.0					$	—					$	8.6					$	—					$	—					$	0.2					$	—					$	(7.4)					$	72.0
ACAS Equity Holdings Corporation						—						—						—						—						—						—						—						—						—						0.4
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.						—						—						—						—						—						—						—						—						—						—
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC						25.3						0.1						—						2.2						—						—						0.1						—						(10.7)						65.6
CoLTs 2005-1 Ltd.						—						—						—						—						—						—						—						—						—						—
Eckler Industries, Inc. and Eckler Purchaser LLC						—						—						—						—						—						—						—						—						—						—
Halex Holdings, Inc.						—						—						—						—						—						—						—						—						—						—
HCI Equity, LLC						—						—						—						—						—						—						—						—						—						—
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC						—						—						—						9.2						—						—						—						—						86.6						305.4
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation						11.5						—						—						2.2						—						0.3						0.7						—						5.3						65.4
Ivy Hill Asset Management, L.P.						470.2						755.1						—						29.3						—						243.0						—						—						70.4						1,986.6
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC						4.9						0.1						—						—						—						—						0.1						—						(6.5)						42.9
Potomac Intermediate Holdings II LLC						—						—						—						—						—						—						—						—						(68.0)						75.2
PS Operating Company LLC and PS Op Holdings LLC						—						0.2						—						2.2						—						—						0.1						—						(6.2)						21.9
RD Holdco Inc.						0.9						—						—						—						—						—						—						—						2.7						13.9
S Toys Holdings LLC (fka The Step2 Company, LLC)						—						—						—						—						—						—						—						0.5						(0.1)						—
Senior Direct Lending Program, LLC						178.9						136.7						—						173.8						8.8						—						4.5						0.1						(2.7)						1,288.1
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.						25.6						7.9						—						2.4						—						—						—						—						(38.2)						52.3
Startec Equity, LLC						—						—						—						—						—						—						—						—						—						—
Visual Edge Technology, Inc.						—						0.1						—						2.2						—						2.2						—						—						2.6						77.6
VPROP Operating, LLC and V SandCo, LLC						—						4.5						—						6.2						—						6.7						—						—						(12.2)						99.4
						$	739.4					$	920.7					$	—					$	238.3					$	8.8					$	252.2					$	5.7					$	0.6					$	15.6					$	4,166.7

______________________________________________________________________

*    Together with Varagon and its clients, the Company has co-invested through the SDLP. The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25% of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these “voting securities” do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4).

See accompanying notes to consolidated financial statements

132

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(6)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Pursuant to Section 55(a) of the Investment Company Act, 23% of the Company's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of December 31, 2023.

(7)Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(8)In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00% on $40.2 in aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(9)The Company sold a participating interest of approximately $34.4 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolving loan. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Company recorded a corresponding $34.4 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of December 31, 2023, the interest rate in effect for the secured borrowing was 12.94%.

(10)Loan was on non-accrual status as of December 31, 2023.

(11)Loan includes interest rate floor feature.

(12)In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

(13)As of December 31, 2023, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(14)As of December 31, 2023, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(15)As of December 31, 2023, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

See accompanying notes to consolidated financial statements

133

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(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
22 HoldCo Limited			$	14.0		$	—		$	14.0		$	—		$	—		$	14.0
3 Step Sports LLC			10.4			(0.4)			10.0			—			—			10.0
Absolute Dental Group LLC and Absolute Dental Equity, LLC			12.1			(9.5)			2.6			—			—			2.6
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.			9.6			—			9.6			—			—			9.6
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC			4.1			(4.1)			—			—			—			—
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC			20.0			—			20.0			—			—			20.0
Advarra Holdings, Inc.			0.4			—			0.4			—			—			0.4
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC			24.5			—			24.5			—			—			24.5
AI Fire Buyer, Inc. and AI Fire Parent LLC			12.9			—			12.9			—			—			12.9
AIM Acquisition, LLC			1.8			—			1.8			—			—			1.8
Airx Climate Solutions, Inc.			5.2			—			5.2			—			—			5.2
Alcami Corporation and ACM Note Holdings, LLC			2.6			—			2.6			—			—			2.6
Alera Group, Inc.			12.0			—			12.0			—			—			12.0
American Residential Services L.L.C. and Aragorn Parent Holdings LP			4.5			(2.0)			2.5			—			—			2.5
AmeriVet Partners Management, Inc.			14.3			—			14.3			—			—			14.3
Anaplan, Inc.			1.4			—			1.4			—			—			1.4
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua			0.1			—			0.1			—			—			0.1
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC			34.8			(0.7)			34.1			—			—			34.1
APG Intermediate Holdings Corporation and APG Holdings, LLC			0.1			—			0.1			—			—			0.1
Applied Technical Services, LLC			3.6			(2.1)			1.5			—			—			1.5
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.			0.1			—			0.1			—			—			0.1
AQ Sage Buyer, LLC			5.2			—			5.2			—			—			5.2
AQ Sunshine, Inc.			12.8			—			12.8			—			—			12.8
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc			15.6			—			15.6			—			—			15.6
Argenbright Holdings V, LLC and Amberstone Security Group Limited			2.5			—			2.5			—			—			2.5
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP			6.2			—			6.2			—			—			6.2
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP			9.0			—			9.0			—			—			9.0
ATI Restoration, LLC			53.7			(8.5)			45.2			—			—			45.2
Avalara, Inc.			2.7			—			2.7			—			—			2.7
Avetta, LLC			3.9			—			3.9			—			—			3.9
Bamboo US BidCo LLC			14.4			—			14.4			—			—			14.4
Banyan Software Holdings, LLC and Banyan Software, LP			7.3			(1.4)			5.9			—			—			5.9
Beacon Pointe Harmony, LLC			4.9			—			4.9			—			—			4.9
Beacon Wellness Brands, Inc. and CDI Holdings I Corp.			0.9			—			0.9			—			—			0.9
Belfor Holdings, Inc.			58.5			(6.2)			52.3			—			—			52.3
Benecon Midco II LLC and Locutus Holdco LLC			4.5			—			4.5			—			—			4.5
Berner Food & Beverage, LLC			1.7			(0.8)			0.9			—			—			0.9
BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC			3.0			(1.9)			1.1			—			—			1.1
Bobcat Purchaser, LLC and Bobcat Topco, L.P.			2.5			—			2.5			—			—			2.5
Borrower R365 Holdings LLC			2.3			—			2.3			—			—			2.3
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC			2.3			—			2.3			—			—			2.3
BR PJK Produce, LLC			2.7			—			2.7			—			—			2.7
BradyIFS Holdings, LLC			17.7			—			17.7			—			—			17.7
Bragg Live Food Products, LLC and SPC Investment Co., L.P.			4.4			—			4.4			—			—			4.4
Businessolver.com, Inc.			1.4			—			1.4			—			—			1.4
Caerus Midco 3 S.à r.l.			2.3			(0.1)			2.2			—			—			2.2
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP			15.3			(7.6)			7.7			—			—			7.7
Captive Resources Midco, LLC			1.2			—			1.2			—			—			1.2
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.			5.0			(4.0)			1.0			—			—			1.0
Center for Autism and Related Disorders, LLC			9.5			(9.5)			—			—			—			—
Centric Brands LLC and Centric Brands GP LLC			8.6			—			8.6			—			—			8.6
Chariot Buyer LLC			12.3			—			12.3			—			—			12.3

See accompanying notes to consolidated financial statements

134

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(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC			9.5			—			9.5			—			—			9.5
City Line Distributors LLC and City Line Investments LLC			1.7			—			1.7			—			—			1.7
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC			8.0			(1.4)			6.6			—			—			6.6
Cliffwater LLC			1.0			—			1.0			—			—			1.0
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.			19.0			—			19.0			—			—			19.0
CMG HoldCo, LLC and CMG Buyer Holdings, Inc.			24.4			—			24.4			—			—			24.4
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.			6.3			(2.7)			3.6			—			—			3.6
Community Brands ParentCo, LLC			7.2			—			7.2			—			—			7.2
Compex Legal Services, Inc.			3.6			(1.1)			2.5			—			—			2.5
Comprehensive EyeCare Partners, LLC			1.9			(1.9)			—			—			—			—
Concert Golf Partners Holdco LLC			3.1			—			3.1			—			—			3.1
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.			11.3			(5.1)			6.2			—			—			6.2
Continental Café, LLC and Infinity Ovation Yacht Charters, LLC			1.8			(1.1)			0.7			—			—			0.7
Convera International Holdings Limited and Convera International Financial S.A R.L.			2.3			—			2.3			—			—			2.3
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP			38.9			—			38.9			—			—			38.9
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.			0.1			—			0.1			—			—			0.1
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.			38.7			(0.5)			38.2			—			—			38.2
Coupa Holdings, LLC and Coupa Software Incorporated			0.9			—			0.9			—			—			0.9
Coyote Buyer, LLC			5.8			—			5.8			—			—			5.8
Crosspoint Capital AS SPV, LP			3.6			(0.7)			2.9			—			—			2.9
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC			3.2			—			3.2			—			—			3.2
CST Holding Company			1.9			(0.2)			1.7			—			—			1.7
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc.			5.1			(1.1)			4.0			—			—			4.0
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC			18.0			—			18.0			—			—			18.0
DecoPac, Inc. and KCAKE Holdings Inc.			16.5			(4.9)			11.6			—			—			11.6
Demakes Borrower, LLC			1.8			—			1.8			—			—			1.8
Denali Holdco LLC and Denali Apexco LP			10.5			—			10.5			—			—			10.5
DFC Global Facility Borrower III LLC			76.1			(64.5)			11.6			—			—			11.6
DFS Holding Company, Inc.			0.3			—			0.3			—			—			0.3
Diligent Corporation and Diligent Preferred Issuer, Inc.			2.2			(1.2)			1.0			—			—			1.0
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.			2.3			—			2.3			—			—			2.3
DOXA Insurance Holdings, LLC			14.0			—			14.0			—			—			14.0
DRS Holdings III, Inc. and DRS Holdings I, Inc.			10.8			—			10.8			—			—			10.8
DS Admiral Bidco, LLC			0.1			—			0.1			—			—			0.1
Dye & Durham Corporation			9.6			(3.8)			5.8			—			—			5.8
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP			7.1			(3.7)			3.4			—			—			3.4
Echo Purchaser, Inc.			3.9			(0.1)			3.8			—			—			3.8
Elemica Parent, Inc. & EZ Elemica Holdings, Inc.			4.1			(4.1)			—			—			—			—
Elevation Services Parent Holdings, LLC			17.1			(2.7)			14.4			—			—			14.4
Emergency Communications Network, LLC			7.2			(7.2)			—			—			—			—
Enverus Holdings, Inc.			17.8			—			17.8			—			—			17.8
EP Wealth Advisors, LLC			8.3			(0.4)			7.9			—			—			7.9
EpiServer Inc. and Episerver Sweden Holdings AB			9.5			—			9.5			—			—			9.5
EPS NASS Parent, Inc.			1.4			(1.2)			0.2			—			—			0.2
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.			1.1			(0.8)			0.3			—			—			0.3
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC			28.0			(22.3)			5.7			—			—			5.7
Eternal Aus Bidco Pty Ltd			1.4			—			1.4			—			—			1.4
Excel Fitness Consolidator LLC			1.8			—			1.8			—			—			1.8
Extrahop Networks, Inc.			11.0			—			11.0			—			—			11.0
Faraday Buyer, LLC			5.1			—			5.1			—			—			5.1

See accompanying notes to consolidated financial statements

135

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(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.			17.9			—			17.9			—			—			17.9
FL Hawk Intermediate Holdings, Inc.			0.5			—			0.5			—			—			0.5
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.			14.5			(9.2)			5.3			—			—			5.3
Flint OpCo, LLC			3.5			—			3.5			—			—			3.5
FlyWheel Acquireco, Inc.			8.2			(5.5)			2.7			—			—			2.7
Forescout Technologies, Inc.			16.0			—			16.0			—			—			16.0
Foundation Risk Partners, Corp.			45.2			—			45.2			—			—			45.2
FS Squared Holding Corp. and FS Squared, LLC			9.6			(0.5)			9.1			—			—			9.1
Galway Borrower LLC			8.8			(0.4)			8.4			—			—			8.4
GC Waves Holdings, Inc.			0.1			—			0.1			—			—			0.1
Genesis Acquisition Co. and Genesis Ultimate Holding Co.			1.5			(1.5)			—			—			—			—
GI Ranger Intermediate LLC			9.2			(2.2)			7.0			—			—			7.0
Global Music Rights, LLC			4.3			—			4.3			—			—			4.3
GNZ Energy Bidco Limited and Galileo Co-investment Trust I			3.1			—			3.1			—			—			3.1
Gotham Greens Holdings, PBC			12.9			—			12.9			—			(12.9)			—
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC			1.2			(0.6)			0.6			—			—			0.6
GroundWorks, LLC			0.6			—			0.6			—			—			0.6
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC			9.6			—			9.6			—			—			9.6
GTCR F Buyer Corp. and GTCR (D) Investors LP			1.6			—			1.6			—			—			1.6
Guidepoint Security Holdings, LLC			3.4			—			3.4			—			—			3.4
Hanger, Inc.			27.1			—			27.1			—			—			27.1
Harvey Tool Company, LLC			24.5			—			24.5			—			—			24.5
HealthEdge Software, Inc.			7.2			(0.3)			6.9			—			—			6.9
Heavy Construction Systems Specialists, LLC			4.0			—			4.0			—			—			4.0
Helios Service Partners, LLC and Astra Service Partners, LLC			3.5			(0.2)			3.3			—			—			3.3
Help/Systems Holdings, Inc.			15.0			—			15.0			—			—			15.0
HGC Holdings, LLC			7.5			—			7.5			—			—			7.5
HH-Stella, Inc. and Bedrock Parent Holdings, LP			12.4			(0.3)			12.1			—			—			12.1
Higginbotham Insurance Agency, Inc.			1.8			—			1.8			—			—			1.8
High Street Buyer, Inc. and High Street Holdco LLC			21.5			—			21.5			—			—			21.5
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC			9.5			(0.2)			9.3			—			—			9.3
Hills Distribution, Inc.			2.2			(0.1)			2.1			—			—			2.1
HP RSS Buyer, Inc.			5.1			—			5.1			—			—			5.1
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP			13.3			(13.3)			—			—			—			—
Hyland Software, Inc.			2.0			—			2.0			—			—			2.0
Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.			16.3			—			16.3			—			—			16.3
Inszone Mid, LLC and INSZ Holdings, LLC			18.9			—			18.9			—			—			18.9
IQN Holding Corp.			4.8			—			4.8			—			—			4.8
IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.			14.4			(2.7)			11.7			—			—			11.7
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.			9.1			(0.3)			8.8			—			—			8.8
ITI Holdings, Inc.			5.7			(4.3)			1.4			—			—			1.4
Kaseya Inc. and Knockout Intermediate Holdings I Inc.			30.5			(6.9)			23.6			—			—			23.6
KBHS Acquisition, LLC (d/b/a Alita Care, LLC)			5.0			(3.2)			1.8			—			—			1.8
Kene Acquisition, Inc. and Kene Holdings, L.P.			18.9			(0.4)			18.5			—			—			18.5
Keystone Agency Partners LLC			10.4			—			10.4			—			—			10.4
Kings Buyer, LLC			1.6			—			1.6			—			—			1.6
Laboratories Bidco LLC and Laboratories Topco LLC			19.6			(8.2)			11.4			—			—			11.4
LeanTaaS Holdings, Inc.			43.5			—			43.5			—			—			43.5
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.			1.5			—			1.5			—			—			1.5
Lew's Intermediate Holdings, LLC			2.3			—			2.3			—			—			2.3
Lido Advisors, LLC			5.2			(0.6)			4.6			—			—			4.6
Lightbeam Bidco, Inc.			5.2			(0.2)			5.0			—			—			5.0
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.			5.6			—			5.6			—			—			5.6
LJP Purchaser, Inc. and LJP Topco, LP			3.1			—			3.1			—			—			3.1
Majesco and Magic Topco, L.P.			2.0			—			2.0			—			—			2.0

See accompanying notes to consolidated financial statements

136

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(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Manna Pro Products, LLC			7.0			(5.1)			1.9			—			—			1.9
Marmic Purchaser, LLC and Marmic Topco, L.P.			2.7			—			2.7			—			—			2.7
Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP			32.9			(14.8)			18.1			—			—			18.1
McKenzie Creative Brands, LLC			4.5			(1.6)			2.9			—			—			2.9
Medline Borrower, LP			6.9			(0.2)			6.7			—			—			6.7
Micromeritics Instrument Corp.			4.1			—			4.1			—			—			4.1
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp			15.1			—			15.1			—			—			15.1
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.			8.0			(4.3)			3.7			—			—			3.7
Modigent, LLC and OMERS PMC Investment Holdings LLC			12.6			(2.2)			10.4			—			—			10.4
Monica Holdco (US) Inc.			3.6			(3.6)			—			—			—			—
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC			10.1			(0.1)			10.0			—			—			10.0
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC			6.3			(0.2)			6.1			—			—			6.1
MRI Software LLC			6.1			—			6.1			—			—			6.1
NAS, LLC and Nationwide Marketing Group, LLC			3.0			(0.6)			2.4			—			—			2.4
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.			10.4			(2.6)			7.8			—			—			7.8
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.			12.6			(0.2)			12.4			—			—			12.4
New Churchill Holdco LLC			15.2			(0.3)			14.9			—			—			14.9
Next Holdco, LLC			2.4			—			2.4			—			—			2.4
NMC Skincare Intermediate Holdings II, LLC			12.7			(1.0)			11.7			—			—			11.7
NMN Holdings III Corp. and NMN Holdings LP			12.5			(2.1)			10.4			—			—			10.4
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC			2.7			(1.2)			1.5			—			—			1.5
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC			8.6			—			8.6			—			—			8.6
North Haven Stack Buyer, LLC			6.6			(1.3)			5.3			—			—			5.3
Northwinds Holding, Inc. and Northwinds Services Group LLC			9.1			—			9.1			—			—			9.1
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP			4.8			—			4.8			—			—			4.8
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC			0.9			—			0.9			—			—			0.9
OMH-HealthEdge Holdings, LLC			7.2			—			7.2			—			—			7.2
OneDigital Borrower LLC			16.4			(0.7)			15.7			—			—			15.7
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc.			0.1			—			0.1			—			—			0.1
Paragon 28, Inc.			8.1			(0.1)			8.0			—			—			8.0
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			1.2			—			1.2			—			—			1.2
Pathway Vet Alliance LLC and Jedi Group Holdings LLC			1.9			(0.2)			1.7			—			—			1.7
Patriot Growth Insurance Services, LLC			2.2			—			2.2			—			—			2.2
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC			2.7			—			2.7			—			—			2.7
PDDS HoldCo, Inc.			1.6			(0.2)			1.4			—			—			1.4
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC			7.6			(7.6)			—			—			—			—
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC			11.6			—			11.6			—			—			11.6
Pelican Products, Inc.			2.3			(0.9)			1.4			—			—			1.4
People Corporation			19.3			(5.2)			14.1			—			—			14.1
Perforce Software, Inc.			7.5			(1.1)			6.4			—			—			6.4
PestCo Holdings, LLC and PestCo, LLC			0.9			—			0.9			—			—			0.9
Petrus Buyer, Inc.			2.7			—			2.7			—			—			2.7
PetVet Care Centers, LLC			49.4			—			49.4			—			—			49.4
Petvisor Holdings, LLC			57.5			—			57.5			—			—			57.5
Ping Identity Holding Corp.			0.2			—			0.2			—			—			0.2
Pluralsight, Inc.			0.3			(0.2)			0.1			—			—			0.1
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC			12.3			(0.5)			11.8			—			—			11.8
Precision Concepts International LLC and Precision Concepts Canada Corporation			14.4			—			14.4			—			—			14.4
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.			3.5			(0.7)			2.8			—			—			2.8
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP			36.0			(0.6)			35.4			—			—			35.4

See accompanying notes to consolidated financial statements

137

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(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
Prime Buyer, L.L.C.			15.9			—			15.9			—			—			15.9
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC			8.0			—			8.0			—			—			8.0
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC			32.4			—			32.4			—			—			32.4
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.			0.1			—			0.1			—			—			0.1
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.			1.1			—			1.1			—			—			1.1
Project Potter Buyer, LLC and Project Potter Parent, L.P.			5.5			(2.1)			3.4			—			—			3.4
Proofpoint, Inc.			3.1			—			3.1			—			—			3.1
PS Operating Company LLC and PS Op Holdings LLC			6.0			(4.4)			1.6			—			—			1.6
PSC Group LLC			14.8			(2.4)			12.4			—			—			12.4
PushPay USA Inc.			3.6			—			3.6			—			—			3.6
PYE-Barker Fire & Safety, LLC			14.9			—			14.9			—			—			14.9
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC			1.6			—			1.6			—			—			1.6
QF Holdings, Inc.			1.1			—			1.1			—			—			1.1
Qnnect, LLC and Connector TopCo, LP			2.7			—			2.7			—			—			2.7
Radius Aerospace, Inc. and Radius Aerospace Europe Limited			2.8			(1.3)			1.5			—			—			1.5
Radwell Parent, LLC			4.4			(0.9)			3.5			—			—			3.5
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC			4.4			—			4.4			—			—			4.4
RB Holdings InterCo, LLC			2.1			(1.8)			0.3			—			—			0.3
Reddy Ice LLC			8.7			(1.5)			7.2			—			—			7.2
Redwood Services, LLC and Redwood Services Holdco, LLC			6.7			—			6.7			—			—			6.7
Reef Lifestyle, LLC			32.1			(28.1)			4.0			—			—			4.0
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.			6.9			—			6.9			—			—			6.9
Relativity ODA LLC			3.8			—			3.8			—			—			3.8
Repairify, Inc. and Repairify Holdings, LLC			7.3			(4.8)			2.5			—			—			2.5
Revalize, Inc.			0.9			(0.2)			0.7			—			—			0.7
Rialto Management Group, LLC			1.3			(0.3)			1.0			—			—			1.0
Riser Merger Sub, Inc.			4.6			—			4.6			—			—			4.6
RMS HoldCo II, LLC & RMS Group Holdings, Inc.			2.9			—			2.9			—			—			2.9
Rodeo AcquisitionCo LLC			2.5			(1.7)			0.8			—			—			0.8
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc.			15.9			(12.4)			3.5			—			—			3.5
SageSure Holdings, LLC and SageSure LLC			3.1			—			3.1			—			—			3.1
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.			1.6			(0.6)			1.0			—			—			1.0
SCIH Salt Holdings Inc.			22.5			(4.0)			18.5			—			—			18.5
SCM Insurance Services Inc.			4.1			—			4.1			—			—			4.1
Shermco Intermediate Holdings, Inc.			6.5			(0.1)			6.4			—			—			6.4
Silk Holdings III Corp. and Silk Holdings I Corp.			0.1			(0.1)			—			—			—			—
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC			2.1			—			2.1			—			—			2.1
SM Wellness Holdings, Inc. and SM Holdco, LLC			3.8			—			3.8			—			—			3.8
Smarsh Inc. and Skywalker TopCo, LLC			2.0			—			2.0			—			—			2.0
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp			3.3			(0.2)			3.1			—			—			3.1
Star US Bidco LLC			15.5			—			15.5			—			—			15.5
Steward Partners Global Advisory, LLC			2.9			—			2.9			—			—			2.9
Sugar PPC Buyer LLC			3.4			—			3.4			—			—			3.4
Sun Acquirer Corp. and Sun TopCo, LP			19.6			(2.1)			17.5			—			—			17.5
Sundance Group Holdings, Inc.			3.0			(1.5)			1.5			—			—			1.5
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon			6.0			(0.5)			5.5			—			—			5.5
Sunrun Luna Holdco 2021, LLC			75.0			(50.0)			25.0			—			—			25.0
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.			7.0			(2.6)			4.4			—			—			4.4
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC			4.2			—			4.2			—			—			4.2
Systems Planning and Analysis, Inc.			4.0			—			4.0			—			—			4.0
TA/WEG Holdings, LLC			2.0			—			2.0			—			—			2.0
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.			13.5			—			13.5			—			—			13.5
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.			1.7			(1.1)			0.6			—			—			0.6

See accompanying notes to consolidated financial statements

138

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(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
TCP Hawker Intermediate LLC			16.0			—			16.0			—			—			16.0
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.			1.1			—			1.1			—			—			1.1
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP			13.7			(5.9)			7.8			—			—			7.8
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC			1.3			(0.2)			1.1			—			—			1.1
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP			6.9			(0.8)			6.1			—			—			6.1
Thermostat Purchaser III, Inc.			7.7			(0.3)			7.4			—			—			7.4
THG Acquisition, LLC			9.2			(1.3)			7.9			—			—			7.9
Trader Corporation and Project Auto Finco Corp.			0.6			—			0.6			—			—			0.6
Triwizard Holdings, Inc. and Triwizard Parent, LP			11.0			—			11.0			—			—			11.0
TSS Buyer, LLC			0.8			—			0.8			—			—			0.8
Two Six Labs, LLC			10.2			—			10.2			—			—			10.2
UKG Inc. and H&F Unite Partners, L.P.			25.0			(1.5)			23.5			—			—			23.5
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP			4.6			—			4.6			—			—			4.6
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.			9.9			—			9.9			—			—			9.9
Valcourt Holdings II, LLC			31.8			(0.7)			31.1			—			—			31.1
Verista, Inc.			8.0			(1.3)			6.7			—			—			6.7
Verscend Holding Corp.			22.5			—			22.5			—			—			22.5
Vertex Service Partners, LLC			9.1			—			9.1			—			—			9.1
Visual Edge Technology, Inc.			18.9			—			18.9			—			—			18.9
Vobev, LLC and Vobev Holdings, LLC			1.8			—			1.8			—			—			1.8
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.			11.9			—			11.9			—			—			11.9
VRC Companies, LLC			5.4			—			5.4			—			—			5.4
VS Buyer, LLC			8.1			—			8.1			—			—			8.1
Waverly Advisors, LLC and WAAM Topco, LLC			0.1			—			0.1			—			—			0.1
WCI-BXC Purchaser, LLC			0.7			—			0.7			—			—			0.7
WebPT, Inc.			0.9			(0.2)			0.7			—			—			0.7
Wellness AcquisitionCo, Inc.			3.9			—			3.9			—			—			3.9
Wellpath Holdings, Inc.			12.0			(7.5)			4.5			—			—			4.5
Wildcat BuyerCo, Inc. and Wildcat Parent, LP			6.3			(0.2)			6.1			—			—			6.1
WorkWave Intermediate II, LLC			5.2			—			5.2			—			—			5.2
World Insurance Associates, LLC			13.3			—			13.3			—			—			13.3
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			4.0			(1.0)			3.0			—			—			3.0
WSHP FC Acquisition LLC and WSHP FC Holdings LLC			16.3			(16.3)			—			—			—			—
XIFIN, Inc. and ACP Charger Co-Invest LLC			5.6			(5.6)			—			—			—			—
YE Brands Holdings, LLC			2.3			(1.2)			1.1			—			—			1.1
ZB Holdco LLC and ZB TopCo LLC			13.1			(1.4)			11.7			—			—			11.7
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP			12.8			—			12.8			—			—			12.8
			$	2,766.3		$	(482.1)		$	2,284.2		$	—		$	(12.9)		$	2,271.3

(16)As of December 31, 2023, the Company was party to agreements to fund equity investments as follows:

See accompanying notes to consolidated financial statements

139

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(in millions) Company			Total equity commitments			Less: funded equity commitments			Total unfunded equity commitments			Less: equity commitments substantially at the discretion of the Company			Total net unfunded equity commitments
Apex Clean Energy TopCo, LLC			$	3.2		$	—		$	3.2		$	—		$	3.2
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP			1.2			—			1.2			—			1.2
European Capital UK SME Debt LP			57.4			(51.9)			5.5			(5.4)			0.1
GTCR F Buyer Corp. and GTCR (D) Investors LP			1.6			—			1.6			—			1.6
HFCP XI (Parallel - A), L.P.			7.5			—			7.5			—			7.5
High Street Buyer, Inc. and High Street Holdco LLC			44.5			—			44.5			—			44.5
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.			1.9			—			1.9			—			1.9
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp			1.0			—			1.0			—			1.0
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			0.4			—			0.4			—			0.4
PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.			50.0			(12.4)			37.6			(37.6)			—
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			0.2			—			0.2			—			0.2
			$	168.9		$	(64.3)		$	104.6		$	(43.0)		$	61.6

(17)As of December 31, 2023, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $60. See Note 4 for more information on the SDLP.

(18)Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 for more information regarding the fair value of the Company’s investments.

(19)As of December 31, 2023, the estimated net unrealized loss for federal tax purposes was $0.4 billion based on a tax cost basis of $22.5 billion. As of December 31, 2023, the estimated aggregate gross unrealized loss for federal income tax purposes was $1.7 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $1.3 billion.

See accompanying notes to consolidated financial statements

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(in millions, except per share data)

(unaudited)

			Common Stock												Capital in Excess of Par Value						Accumulated Undistributed (Overdistributed) Earnings						Total Stockholders’ Equity
			Shares						Amount
Balance at December 31, 2022			519						$	1					$	9,556					$	(2)					$	9,555
Issuances of common stock (net of offering and underwriting costs)			26						—						477						—						477
Net investment income			—						—						—						318						318
Net realized losses on investments, foreign currency and other transactions			—						—						—						(50)						(50)
Net unrealized gains on investments, foreign currency and other transactions			—						—						—						10						10
Dividends declared and payable ($0.48 per share)			—						—						—						(261)						(261)
Balance at March 31, 2023			545						$	1					$	10,033					$	15					$	10,049
Issuances of common stock (net of offering and underwriting costs)			12						—						227						—						227
Shares issued in connection with dividend reinvestment plan			—						—						13						—						13
Net investment income			—						—						—						314						314
Net realized losses on investments, foreign currency and other transactions			—						—						—						(81)						(81)
Net unrealized gains on investments, foreign currency and other transactions			—						—						—						98						98
Dividends declared and payable ($0.48 per share)			—						—						—						(266)						(266)
Balance at June 30, 2023			557						$	1					$	10,273					$	80					$	10,354
Issuances of common stock (net of offering and underwriting costs)			11						—						215						—						215
Shares issued in connection with dividend reinvestment plan			1						—						17						—						17
Net investment income			—						—						—						289						289
Net realized losses on investments, foreign currency and other transactions			—						—						—						(76)						(76)
Net unrealized gains on investments, foreign currency and other transactions			—						—						—						287						287
Dividends declared and payable ($0.48 per share)			—						—						—						(271)						(271)
Balance at September 30, 2023			569						$	1					$	10,505					$	309					$	10,815
Issuances of common stock (net of offering and underwriting costs)			12						—						236						—						236
Shares issued in connection with dividend reinvestment plan			1						—						17						—						17
Net investment income			—						—						—						345						345
Net realized gains on investments, foreign currency and other transactions			—						—						—						28						28
Net unrealized gains on investments, foreign currency and other transactions			—						—						—						40						40
Dividends declared and payable ($0.48 per share)			—						—						—						(280)						(280)
Tax reclassification of stockholders’ equity in accordance with GAAP			—						—						(20)						20						—
Balance at December 31, 2023			582						$	1					$	10,738					$	462					$	11,201
Issuances of common stock (net of offering and underwriting costs)			5						—						85						—						85
Shares issued in connection with dividend reinvestment plan			1						—						21						—						21
Net investment income			—						—						—						325						325
Net realized losses on investments, foreign currency, extinguishment of debt and other transactions			—						—						—						(32)						(32)
Net unrealized gains on investments, foreign currency and other transactions			—						—						—						156						156
Conversion of 2024 Convertible Notes			20						—						407						—						407
Dividends declared and payable ($0.48 per share)			—						—						—						(291)						(291)
Balance at March 31, 2024			608						$	1					$	11,251					$	620					$	11,872
Issuances of common stock (net of offering and underwriting costs)			21						—						449						—						449
Shares issued in connection with dividend reinvestment plan			1						—						21						—						21
Net investment income			—						—						—						358						358
Net realized gains on investments, foreign currency and other transactions			—						—						—						12						12
Net unrealized losses on investments, foreign currency and other transactions			—						—						—						(48)						(48)
Dividends declared and payable ($0.48 per share)			—						—						—						(300)						(300)
Balance at June 30, 2024			630						$	1					$	11,721					$	642					$	12,364
Issuances of common stock (net of offering and underwriting costs)			15						—						302						—						302
Shares issued in connection with dividend reinvestment plan			1						—						21						—						21
Net investment income			—						—						—						361						361
Net realized losses on investments, foreign currency and other transactions			—						—						—						(24)						(24)
Net unrealized gains on investments, foreign currency and other transactions			—						—						—						57						57
Dividends declared and payable ($0.48 per share)			—						—						—						(308)						(308)
Balance at September 30, 2024			646						$	1					$	12,044					$	728					$	12,773

See accompanying notes to consolidated financial statements.

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ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions)

(unaudited)

			截至9月30日的九个月内，
			2024						2023
运营活动：
经营股东权益净增加			$	1,165					$	1,109
调整以调节运营导致的股东权益净增加：
投资、外币和其他交易的已实现净损失			30						207
投资、外币和其他交易的未实现净收益			(165)						(395)
债务消灭已实现损失			14						—
作为对冲工具和相关对冲项目核算的利率掉期净收益			(1)						—
投资折扣净增加			(14)						(12)
PIk兴趣			(150)						(119)
Pik兴趣的收藏			67						44
PIk股息			(189)						(145)
收取PIk股息			17						11
债务发行成本摊销			25						23
应付票据溢价净摊销			(5)						(3)
出售和偿还投资和其他交易的收益			6,737						4,024
购买投资			(9,469)						(3,852)
经营资产和负债变化：
应收利息			(14)						(29)
其他资产			(10)						(29)
经营租赁使用权资产			3						7
应付基本管理费			12						2
基于收入的应付费用			2						2
应付资本利得激励费			18						40
应付利息和设施费			(13)						(20)
支付给参与者			9						43
应付账款及其他负债			75						(27)
经营租赁负债			(4)						(11)
经营活动提供的净现金（用于）			(1,860)						870
融资活动：
债务借款			10,649						3,011
偿还和回购债务			(8,681)						(3,702)
债务发行成本			(38)						(17)
偿还2024年可转换票据			(10)						—
普通股发行净收益			836						919
上缴红利			(836)						(768)
有担保借款，净额			—						(45)
融资活动提供（用于）的净现金			1,920						(602)
现金、现金等值和限制现金的变化			60						268
现金、现金等值和受限制现金，期限开始			564						337
现金、现金等值和限制现金，期末			$	624					$	605
补充信息：
期内支付的利息			$	513					$	412
期内缴纳的税款，包括消费税			$	58					$	29
期内已宣布和支付的股息			$	899					$	798

见合并财务报表附注。

142

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ARES Capital Corporation及其子公司

合并财务报表附注

截至2024年9月30日

(in百万，每股数据、百分比和另有说明除外;

例如，带有“十亿”字样或其他字样）

(未经审计)

1.组织结构

Ares Capital Corporation（“公司”）是一家专业金融公司，是一家在马里兰州注册成立的封闭式、非多元化管理投资公司。该公司选择根据修订后的1940年《投资公司法》（连同据此颁布的规则和法规，“投资公司法”）作为业务发展公司受到监管。该公司已选择根据经修订的1986年《国内税收法》（“守则”）被视为受监管投资公司（“RIC”），并以符合适用于RIC的税务待遇的方式运营。

 

该公司的投资目标是通过债务和股权投资产生当前收入和资本增值。该公司主要投资于第一优先权优先担保贷款（包括“单位”贷款，即结合优先债务和次级债务的贷款，通常处于第一优先权位置）和第二优先权优先担保贷款。除了高级担保贷款外，该公司还投资次级贷款（有时称为夹层债务）和优先股权。在较小程度上，该公司还进行普通股权投资。

 

根据投资咨询和管理协议，该公司由Ares Capital Management LLC（“Ares Capital Management”或公司的“投资顾问”）进行外部管理，Ares Management Corporation是Ares Management Corporation（“Ares Management”）的子公司。Ares Management是一家上市的全球领先另类投资管理公司。Ares Operations LLC（“Ares Operations”或公司的“管理员”）是Ares Management的子公司，提供公司运营所需的某些行政和其他服务。

 

2.主要会计政策

呈列基准

 

随附的合并财务报表是按照符合美国公认会计原则（“GAAP”）的应计会计制编制的，并包括公司及其合并子公司的账目。该公司是一家遵循会计准则法典（“ASC”）946中的会计和报告指导的投资公司， 金融服务—投资公司.综合财务报表反映了管理层认为公平列报截至所列期间的经营业绩和财务状况所需的所有调整和重新分类。所有重大公司间余额和交易均已消除。

中期财务报表根据中期财务信息的GAAP并根据10-Q表格和S-X法规第6条或第10条的报告要求编制。管理层认为，所有调整（仅包括公平列报所列中期财务报表所需的正常经常性应计费用）均已纳入。本期的运营结果不一定表明截至2024年12月31日的财年最终可能实现的结果。

 

现金、现金等值物和限制现金

 

现金及现金等值物包括不时存入金融机构的资金以及货币市场账户中的短期流动投资。现金及现金等值物按接近公允价值的成本列账。 截至2024年9月30日和2023年12月31日，有美元22 和$36分别包含在随附综合资产负债表中“现金及现金等值物”或“受限制现金”中的外币现金。

受限制现金主要涉及作为利率掉期抵押品持有的现金以及由于公司担任某些贷款的行政代理人而代表参与贷方收到的现金。收到的现金通常在收到现金后不久分发给参与贷方。

下表提供了综合资产负债表中的现金、现金等值物和受限制现金与综合现金流量表中适用期末显示的总额的对账：

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			自.起
			2024年9月30日						2023年12月31日
现金和现金等价物			$	486					$	535
受限现金			138						29
合并现金流量表中显示的现金、现金等值物和限制现金总额			$	624					$	564

 

集中信贷风险

 

该公司将其现金和现金等值物存放在金融机构，有时，存款或货币市场账户中持有的现金可能超过联邦存款保险公司的保险限额。

 

投资

 

投资交易于交易日记录。已实现的损益是使用特定识别方法通过偿还或出售的净收益与投资的摊销成本基础之间的差额来衡量的，而不考虑之前确认的未实现损益，并包括期内扣除收回的投资。未实现损益主要反映投资价值的变化，包括在损益实现时之前记录的未实现损益的转回。

根据《投资公司法》第2a-5条，公司董事会指定公司的投资顾问作为公司的估值指定人（“估值指定人”），在公司董事会的监督下，对公司持有的没有现成市场报价的投资进行公允价值确定。所有投资均按公允价值记录。

 

容易获得市场报价的投资通常以这样的市场报价估值。为确认市场报价，估值指定人须考虑多项因素以确定报价是否代表公允价值，包括报价的来源及性质。未公开交易或其市场价格不易获得的债务及股权证券(即，本公司几乎所有投资)至少每季度按公平价值估值，由估值指定人在本公司董事会的监督下，根据(其中包括)本公司独立第三方估值提供者(“IVP”)的意见，在往绩12个月期间(除某些最低限度的例外情况外)及根据估值政策及一贯应用的估值程序，至少一次支持该等投资组合投资的估值。估值过程由估值指定人在每个财政季度结束时进行，公司按公允价值计算的投资组合的一部分将在每个季度接受IVP的审查，如下所述。然而，公司可能会更频繁地使用这些IVP来审查其投资的价值，包括与发生影响特定投资的重大事件或价值变化有关的情况。此外，本公司的独立注册会计师事务所在执行本公司综合审计的背景下，了解并执行与本公司的估值过程相关的选定程序。

作为估值过程的一部分，在确定公司投资的公允价值时，估值指定人可考虑以下类型的因素：投资组合公司的企业价值(投资组合公司对市场参与者的全部价值，包括用于为企业资本化的债务证券和股权证券在某个时间点的价值之和)，任何抵押品的性质和可变现价值，投资组合公司的付款能力及其收益和贴现现金流，投资组合公司开展业务的市场，投资组合公司的证券与任何类似的上市交易证券的比较，利率环境和信贷市场的变化，这可能会影响类似投资在其主要市场的交易价格和其他相关因素。当发生购买交易、公开发售或后续出售等外部事件时，估值指定人会考虑该外部事件所显示的定价，以证实估值。

 

由于公司投资组合中的大多数投资都没有现成的市场价值，因此公司几乎所有投资组合投资均以估值指定人真诚确定的公允价值进行估值，如本文所述。由于确定不具有现成市场价值的投资公允价值的固有不确定性，公司投资的公允价值可能会在不同时期波动。此外，公司投资的公允价值可能与存在现成市场的情况下使用的价值存在显着差异，并且可能与公司最终可能实现的价值存在重大差异。此外，此类投资通常受到转售的法律和其他限制，或者流动性低于公开的

144

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交易证券。如果公司被要求以强制或清算出售的方式清算组合投资，公司的变现价值可能远低于公司记录的价值。

 

此外，市场环境的变化和投资期限内可能发生的其他事件可能会导致这些投资最终实现的收益或损失与当前指定估值中反映的未实现收益或损失不同。

估值指定人在公司董事会的监督下，每季度进行多步骤估值流程，如下所述：

•公司的季度估值流程首先由负责投资组合投资的投资专业人士与公司的投资组合管理和估值团队一起准备初步估值。

•初步估值由估值指定人的估值委员会审查和讨论。

•对于IVP选择审查的投资组合投资，

◦与投资组合投资相关的相关信息由估值指定人提供给IVP，IVP不会独立核实此类信息。

◦IVP审查和分析估值指定人提供的信息以及相关市场和经济数据，并独立确定每个选定组合投资的价值范围。

◦IVP向估值指定人提供分析，以支持IVP的估值方法和计算。

•估值指定人的估值委员会根据（除其他外）IVP的输入（如适用），在没有现成市场报价的情况下，真诚地确定公司投资组合中每项投资的公允价值。

•对于选择由IVP审查的投资组合投资，IVP将发布积极的保证意见或独立的估值报告，确认估值指定人为选定的投资组合投资确定的公允价值在该IVP独立计算的价值范围内。

 

有关公司估值流程的更多信息，请参阅注8。

利息收入确认

 

利息收入按应计制入账，包括折扣的增加、保费的摊销和实物支付的利息。所购投资的折扣率和面值溢价采用有效收益率法在相应证券的存续期内计入利息收入/摊销。如果贷款包含PIK条款，按每个适用协议中规定的合同利率计算的PIK利息将应计并记录为利息收入，并添加到贷款的本金余额中。增加到本金余额的PIK利息收入一般在偿还未偿还本金时收取。为了保持公司作为RIC的税务地位，这一非现金收入来源必须以收入赚取当年的股息形式支付给股东，即使公司尚未收取现金。投资的摊销成本是指根据任何折扣的增加、溢价的摊销和摊销利息进行调整的原始成本。

当本金或利息付款逾期30天或以上或有合理怀疑本金或利息能否全额收回时，贷款通常处于非应计状态。当贷款处于非应计状态时，应计和未付利息通常会被逆转。根据公司对可收回性的判断，非应计贷款收到的利息付款可以确认为收入或应用于本金。当支付逾期本金和利息或不再有任何合理怀疑该本金或利息将全额收回并且根据公司的判断，可能保持当前状态时，非应计贷款将恢复到应计状态。如果贷款具有足够的抵押品价值（即，通常衡量为投资组合公司的企业价值）或正在收集。

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股息收入确认 

优先股的股息收入按应计制记录，前提是投资组合公司应支付且预计将收取此类金额。对于私人投资组合公司，普通股的股息收入在记录日期记录，对于公开交易的投资组合公司，在除息日期记录。如果优先股权包含PIk条款，则按照各适用协议中指定的合同利率计算的PIk股息应计并记录为股息收入，并添加到优先股权的本金余额中。添加到本金余额中的PIk股息通常在赎回股权时收取。

 

资本结构服务费和其他收入

 

为了实现公司的投资目标，公司的投资顾问寻求为其投资组合的公司提供援助，作为回报，公司可能会获得资本结构服务的费用。这些费用是根据合同条款确定的，通常只提供给公司作为基础投资的结果，通常在投资结束时支付，通常是非经常性和不可退还的，并在投资结束时确认为收入。公司的投资顾问提供的服务因投资而异，但一般包括审查现有信贷安排、安排银行融资、安排股权融资、安排来自多个贷款人的融资、安排来自多个股权投资者的融资、重组现有贷款、筹集股权和债务资本，以及提供一般财务建议，这些建议在投资结束时结束。在交易结束后，任何上述性质的服务通常会产生一笔单独的费用，支付给本公司。在某些情况下，如果公司被邀请作为联合贷款人参与交易，并且没有提供与投资相关的重大服务，在这种情况下向公司支付的贷款费用的一部分将在贷款的合同期限内递延和摊销。

其他收入包括根据合同条款固定的修改费，通常是非经常性且不可退还的，并在相关交易完成后赚取时确认为收入。其他收入还包括公司向投资组合公司提供的管理和咨询服务、代理服务、贷款担保、承诺以及其他服务的费用。此类费用根据合同条款固定，并在提供服务时确认为收入。

 

外币折算

 

该公司的账簿和记录以美元保存。任何外币金额均按以下基础兑换为美元：

 

(1)投资证券、其他资产和负债的公允价值-按期末通行汇率计算。

(2)投资证券的买卖、收入和费用-按此类交易、收入或费用各自日期的现行汇率计算。

 

基于外汇汇率变化的经营结果在经营报表中单独披露（如果有）。外国证券和货币兑换可能涉及某些通常与投资美国公司和美国政府证券无关的考虑因素和风险。这些风险包括但不限于货币波动和重新估值以及未来不利的政治、社会和经济发展，这可能导致外国市场投资的流动性较低，价格比可比美国公司或美国政府证券波动更大。 

衍生工具

 

该公司遵循ASC Topic 815中的指导， 衍生工具和套期保值，在核算衍生工具时。公司将某些利率掉期指定为合格公允价值对冲会计关系中的对冲工具，因此，对冲工具和被对冲项目的公允价值变化记录在利息费用中，并在公司综合经营报表中确认为“利息和信贷便利费”的组成部分。利率掉期的公允价值变化被相应固定利率债务的公允价值变化所抵消。对于所有其他衍生品，公司不采用对冲会计法，并按公允价值对此类衍生品进行估值，未实现收益或损失记录在公司综合经营报表中的“外币和其他交易的未实现收益（损失）净额”中。

 

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股权发行费用

 

公司的发行成本在收到收益时从股权发行的收益中扣除。

 

债务发行成本

 

债务发行成本根据债务工具的类型，使用直线法或有效收益率法在相关债务工具的有效期内摊销。

有抵押借贷

该公司遵循ASC Topic 860中的指导， 接送和服务 （“ASC Topic 860”），当考虑参与和其他部分贷款销售时。某些贷款销售不符合ASC Topic 860下的销售会计资格，因为这些销售不符合指南中定义的“参与权益”的定义，因此允许销售处理。不符合参与权益定义或不符合出售会计处理资格的应收账款或其他部分贷款销售仍作为综合资产负债表上的投资，收益被记录为有担保借款。有担保借款按公允价值列账。

 

 租赁

该公司根据经营租赁承担责任，根据该租赁，其从第三方租赁办公设施，剩余期限约为 三年.经营租赁计入随附综合资产负债表中的经营租赁使用权（“ROU”）资产和经营租赁负债。公司不存在任何融资租赁。

ROU资产代表公司在租赁期内使用基础资产的权利，经营租赁负债代表公司支付因该租赁产生的租赁付款的义务。经营租赁ROU资产和负债在开始日期根据剩余租期内租赁付款的现值确认。该公司的租赁不提供隐性贴现率，因此，该公司根据开始日期可用的信息使用加权平均借款利率来确定剩余租赁付款的现值。租赁费用在剩余租赁期内按直线法确认。作为实际权宜方法，公司选择将非租赁部分视为租赁的一部分，因为这些部分与租赁部分相比并不重要。

所得税

 

该公司已选择根据该守则被视为RIC，并以符合适用于RIC的税务待遇的方式运营。为了获得RIC的税收待遇，公司必须（除其他要求外）满足某些收入来源和资产多元化要求，并每年及时向股东分配至少90%的投资公司应税收入（如守则所定义）。该公司已经并打算继续向股东进行必要的分配，这将总体上免除公司的美国联邦企业级所得税。

 

根据纳税年度的应税收入水平，公司可以选择将超过当年股息分配的应税收入从当年应税收入中结转到下一个纳税年度，并根据需要对该收入缴纳4%的消费税。如果公司确定其本年度估计应税收入将超过该收入本年度估计股息分配，公司将在赚取该应纳税收入时对估计超额应税收入应计消费税（如果有）。

 

公司可能通过合并应税子公司持有某些投资组合公司投资。此类子公司可能需要缴纳美国联邦和州企业级所得税。该等合并子公司使用任何该等暂时性差异预计将逆转的年度有效适用法定税率，就某些资产和负债的税基与随附综合资产负债表中包含的报告金额之间的暂时性差异而产生的估计未来税务影响确认递延所得税资产和负债。 截至2024年9月30日和2023年12月31日，公司记录的递延所得税负债为美元71 和$87分别包含在随附合并资产负债表中的“应付账款和其他负债”中。

 

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向普通股股东派息

 

股息和对普通股股东的分配在除息日记录。派息金额由公司董事会每季度确定，通常基于管理层估计的盈利，并考虑上一年结转当年分配的未分配应税收入水平。净已实现资本收益（如果有的话）通常会分配，尽管公司可能决定保留此类资本收益用于投资。

 

公司已采用股息再投资计划，该计划规定对公司代表股东申报的任何现金分配进行再投资，除非股东选择接受现金。因此，如果公司董事会授权且公司宣布现金股息，那么尚未“选择退出”公司股息再投资计划的公司股东将自动将其现金股息再投资于公司普通股的额外股份，而不是获得现金股息。公司可以使用新发行的股份实施股息再投资计划，或者，如果适用法律允许公司购买此类股份，公司可以在公开市场购买与公司在股息再投资计划下的义务相关的股份。

 

编制合并财务报表时使用估计数

 

按照公认会计原则编制合并财务报表需要管理层做出影响合并财务报表日期实际和或有资产和负债的报告金额以及报告期内收入或损失和费用的报告金额的估计和假设。实际结果可能与这些估计不同。重要的估计包括投资估值。

近期会计公告

公司考虑财务会计准则委员会（“FASB”）发布的所有会计准则更新（“ASO”）的适用性和影响。未上市的ASO由公司进行评估，确定不适用或预计对其综合财务报表影响极小。

2023年11月，FASB发布了ASU 2023-07，分部报告(主题280)：对可报告分部披露的改进(“ASU 2023-07”)，这加强了定期向首席运营决策者(“CODM”)提供的关于重大分部费用的披露要求。ASU 2023-07除其他外，(I)要求单个分部公共实体提供主题280所要求的所有披露，(Ii)要求公共实体披露CODM的名称和职位，并解释CODM如何使用报告的分部损益计量(S)来评估分部业绩和决定如何分配资源，以及(Iii)提供公共实体选择一种以上业绩指标的能力。ASU 2023-07适用于2023年12月15日之后的财政年度，以及从截至2025年3月31日的第一季度开始的过渡期。允许及早采用，并要求在提交的所有先前期间追溯采用。公司目前正在评估这一指导意见的影响，然而，公司预计不会对其综合财务报表产生实质性影响。

2023年12月，FASB发布了ASU 2023-09号，“所得税（主题740）：所得税披露的改进（“ASO 2023-09”），” 该计划旨在提高所得税披露的透明度。ASO 2023-09在2024年12月15日之后开始的财年有效，并将在前瞻性基础上采用，并可以选择追溯适用。公司目前正在评估该指导的影响，但公司预计不会对其合并财务报表产生重大影响。

3.协定

投资咨询和管理协议

 

该公司是与其投资顾问Ares Capital Management签订的投资咨询和管理协议（“投资咨询和管理协议”）的一方。战神资本管理公司在公司董事会的全面监督下，根据《投资公司法》，为公司提供投资咨询和管理服务。为了提供这些服务，Ares Capital Management从公司收取费用，包括基本管理费、基于公司净投资收益的费用（“基于收益的费用”）和基于公司净资本收益的费用（“资本收益激励费”）。任何一方均可终止投资咨询和管理协议，且不会受到任何处罚 60向对方发出书面通知的天数。

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自2019年6月21日起，公司董事会批准修改适用于高级证券的资产覆盖要求，自 200%至150%，修改了投资咨询与管理协议，将公司年度基本管理费率从 1.5%至1.0使用杠杆融资的所有资产的百分比 1.0x债务与股权。对于使用杠杆融资的所有资产，高达 1.0x债务与股权，年度基本管理费率仍为 1.5%.基本管理费基于年底时公司总资产（现金或现金等值物除外，但包括用借入资金购买的资产）的平均值 二 最近完成的日历季度，并通过应用适用的费率计算。基本管理费每季度拖欠支付。有关更多信息，请参阅注释5。

 

基于收益的费用是根据公司本季度在投资咨询和管理协议中定义的预激励费净投资收入计算并按季度拖欠的。预激励费净投资收入是指公司在日历季度应计的利息收入、股息收入和任何其他收入(包括公司从投资组合公司收到的任何其他费用，但不包括提供管理援助的费用)减去该季度的运营费用(包括基本管理费、根据管理协议应支付的任何费用，以及就任何已发行优先股支付的任何利息支出和股息)。但不包括根据公认会计准则应计的基于收入的费用和资本利得激励费用)。奖励前费用净投资收入包括具有递延收益特征的投资(如市场贴现、具有实物期权利息的债务工具、具有实物期权股息的优先股和零息证券)、公司尚未收到现金的应计收入。本公司的投资顾问没有义务向本公司偿还其收到的基于应计收入的费用的任何部分，而本公司实际上从未收到过这些费用。

 

预激励费净投资收入不包括任何已实现的资本收益、已实现的资本损失、未实现的资本增值、未实现的资本折旧或与已实现的损益相关的所得税费用。由于基于收入的费用的结构，公司可能会在公司出现亏损的季度支付此类费用。例如，如果公司在一个季度内赚取的预激励费净投资收入超过最低利率（定义如下），则即使公司在该季度因已实现和/或未实现的资本损失而产生亏损，公司仍将支付适用的基于收入的费用。

 

激励前费用净投资收入，表示为公司在上一个日历季度末的净资产(定义为总资产减去负债，未考虑任何基于收入的费用和应支付的资本利得激励费用)的回报率，与固定的“门槛利率”相比较1.75每季度百分比。如果市场信用利差上升，本公司可能能够将其资金投资于提供更高回报的债务工具，这可能会增加本公司的激励前费用净投资收入，并使本公司的投资顾问更容易超过固定的门槛利率，并根据该净投资收入收取基于收入的费用。只要本公司保留了用于计算以收益为基础的费用的奖励前费用净额，它也包括在用于计算基本管理费的公司总资产(现金和现金等价物除外，但包括用借入资金购买的资产)的金额中。

该公司就每个日历季度的预激励费净投资收入向其投资顾问支付基于收入的费用，具体如下：

 

•在公司的预激励费净投资收入不超过门槛率的任何日历季度，均不收取基于收入的费用;

•100公司预激励费净投资收益相对于该预激励费净投资收益中超过门槛率但低于门槛率的部分（如果有）占公司预激励费净投资收益的百分比 2.1875任何日历季度的%。公司指的是其预激励费净投资收益的这部分（超过门槛率但低于 2.1875%）作为“追赶”规定。“追赶”旨在为公司的投资顾问提供 20如果净投资收益超过，则为激励前净投资收益的百分比，就像门槛率不适用一样 2.1875任何日历季度的%;和

•20公司预激励费净投资收益（如果有）超过 2.1875任何日历季度的%。

 

这些计算会根据本季度内的任何股票发行或回购进行调整。

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资本利得奖励费用于每一历年年底(或于投资咨询及管理协议终止时，于终止日期)厘定并以欠款支付，并于每一适用年度结束时计算，计算方法为：(A)从(B)本公司累计已实现资本收益中减去(A)本公司累计已实现资本亏损与未实现资本折旧总额之和，两者均自2004年10月8日(本公司完成首次公开招股之日)起计算。已实现资本损益包括投资和外币损益、债务清偿损益和其他资产损益，以及与累计已实现损益累计相关的任何所得税和其他费用。如果在该年度结束时该数额为正数，则该年度的资本利得税奖励费用等于20%，减去以前所有年度支付的资本利得奖励费用总额。如果该金额为负数，则该年度不存在资本利得奖励费用。

 

累计已实现资本收益总额计算为（a）公司投资组合中各项投资出售时的净销售价格与（b）该投资的累积或摊销成本基础之间的差异（如果为正值）之和。

 

累计已实现资本损失总额计算为（a）公司投资组合中各项投资出售时的净销售价格低于（b）该投资的累积或摊销成本基础的金额之和。

 

未实现资本折旧总额计算为（a）截至适用资本收益激励费计算日期公司投资组合中各项投资的估值与（b）该投资的累积或摊销成本基础之间的差异（如果为负）之和。

 

尽管如上所述，如果GAAP要求本公司按收购时的公允价值而不是本公司为该投资支付的实际金额(包括例如应用资产收购会计方法的结果)记录一项投资，则仅为计算资本利得激励费用的目的，一项投资的“附加或摊余成本基础”应为(1)×(X)公司为该项投资实际支付的金额加上(Y)按公认会计原则要求记录在公司财务报表中的可归因于此类投资增加的任何金额加上(Z)对公司财务报表中包括的成本基础所作的任何其他调整。包括按GAAP要求在公司财务报表中记录的可归因于此类投资摊销的PIK利息或额外资金金额(偿还净额)减去(2)，无论该计算的合同成本基础是高于还是低于收购时此类投资的公允价值(根据GAAP确定)。

  

截至2024年和2023年9月30日止三个月和九个月的基本管理费、基于收入的费用和资本利得激励费如下：

			截至9月30日的三个月内，												截至9月30日的九个月内，
			2024						2023						2024						2023
基本管理费			$	96					$	81					$	274					$	239
基于收入的费用			$	92					$	83					$	273					$	238
资本利得激励费（1）			$	7					$	42					$	19					$	40

________________________________________

(1)根据下文讨论的GAAP计算。

曾经有过没有根据截至2024年和2023年9月30日的三个月和九个月的投资咨询和管理协议计算的应付给本公司投资顾问的资本利得奖励费用。此外，根据公认会计准则，公司已累计应计资本利得奖励费用#美元。106截至2024年9月30日。《公认会计原则》要求资本利得激励费用应计在计算时考虑未实现资本增值的累计总额，因为如果实现了此类未实现资本增值，则应支付资本利得激励费用，即使在计算投资咨询和管理协议项下实际应付的费用时不允许考虑此类未实现资本增值。本公认会计原则应计项目的计算方法为：计入资本利得激励费用的累计已实现资本损益和累计未实现资本折旧总额，加上累计未实现资本增值总额，再扣除与累计未实现资本折旧或增值相关的任何费用。如果该金额在期末为正数，则GAAP要求公司记录一笔相当于20%的累积金额，减去总金额

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所有前期根据GAAP支付的实际资本利得激励费或应计的资本利得激励费金额。截至2024年9月30日，公司自成立以来已支付资本利得激励费总计美元133.如果累积金额大于上一期间，根据GAAP，在特定时期内产生的任何资本利得激励费的应计可能会导致额外费用，或者如果累积金额小于上一期间，则可能会导致之前记录的费用的逆转。如果累计金额为负，则不进行应计。无法保证这种未实现的资本增值在未来会实现。

如果在支付日期或之前结束的最近四个完整日历季度期间，公司投资顾问以其他方式赚取的任何基于收入的费用和资本利得激励费的现金支付是（a）向公司股东的总分配和（b）净资产变化的总和，则推迟支付公司投资顾问以其他方式赚取的任何基于收入的费用和资本利得激励费（定义为总资产减去债务并在考虑期内应付的任何基于收入的费用和资本利得激励费之前）低于 7.0占该期间开始时公司净资产（定义为总资产减去债务）的%。这些计算将根据任何股票发行或回购进行调整。任何延迟支付的基于收入的费用和资本利得激励费用将结转到后续计算期间支付，但以根据投资咨询和管理协议的条款支付该等费用为范围。

 

所有投资专业人士和本公司投资顾问员工在向本公司提供投资咨询和管理服务时及在一定程度上的服务，以及该等人员可分配给该等服务的薪酬和日常管理费用，均由本公司投资顾问提供和支付。根据投资咨询和管理协议，公司承担其业务和交易的所有其他成本和支出，包括但不限于以下方面：组织；公司资产净值的计算(包括但不限于任何IVP的成本和支出)；公司投资顾问支付给第三方的费用，包括代理人、顾问或其他顾问，用于监测公司的财务和法律事务，监测公司的投资(包括聘请顾问开发旨在监测公司投资的信息技术系统的费用)，以及对公司未来投资组合公司进行尽职调查；为公司投资融资而产生的债务的应付利息(包括但不限于支付给第三方供应商的财务信息服务)；提供公司普通股和其他证券(包括但不限于评级机构的费用)；投资咨询和管理费；根据管理协议应支付的管理费；支付给第三方的费用，包括与评估和对投资组合公司进行投资有关或相关的费用，无论此类交易是否最终完成(包括但不限于向第三方供应商支付金融信息服务费用)；转让代理费和托管费；注册费；上市费；税金；独立董事的费用和开支；编制和提交政府机构(包括美国证券交易委员会(以下简称“美国证券交易委员会”))要求的报告或其他文件的成本；任何报告、委托书或向股东发出的其他通知的成本，包括印刷成本；只要公司属于任何联合保单，公司应分摊的此类保单的保费部分；直接成本和行政费用，包括审计师和法律费用；以及公司或其管理人在下文“管理协议”中更详细地描述的与管理公司业务相关的所有其他费用。

管理协议

 

本公司是与其管理人Ares运营公司签订的管理协议(“管理协议”)的一方。根据管理协议，阿瑞斯运营公司向公司提供办公设备以及公司办公设施的文书、簿记和记录保存服务。根据管理协议，战神运营公司还履行或监督公司所需的行政服务的履行，其中包括在会计、法律、合规、运营、技术和投资者关系方面提供协助，负责公司必须保存的财务和其他记录，以及准备必须提交给美国证券交易委员会或任何其他监管机构的所有报告和其他材料，包括向股东提交的报告。此外，Ares运营部协助本公司厘定及公布其资产净值，协助本公司向其投资组合的公司提供管理协助，监督本公司报税表的编制及提交，以及印制及分发报告予股东，以及一般监督其开支的支付及其他人士向本公司提供的行政及专业服务的表现。根据管理协议支付的款项相当于根据公司可分配部分的管理费用和Ares业务在履行管理协议下的义务时发生的其他费用(包括差旅费用)，包括公司应分配的部分公司某些高级管理人员(包括公司的首席合规官、首席财务官、首席会计官、总法律顾问、秘书、财务主管和助理财务主管)及其各自员工的薪酬、租金和其他费用。管理协议可由任何一方终止，不受以下情况的惩罚60向对方发出书面通知的天数。

 

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截至2024年9月30日的三个月和九个月，公司发生了美元3 和$9分别和$4 和$10分别为2023年可比期间的行政费用和其他费用，包括根据投资咨询和管理协议或管理协议可报销的某些费用。截至2024年9月30日和2023年12月31日，$5 和$4分别为未付的行政费用和其他费用，并计入随附综合资产负债表的“应付账款和其他负债”中。

4.投资

截至2024年9月30日和2023年12月31日，投资包括以下内容：

			自.起
			2024年9月30日												2023年12月31日
			摊销成本（1）						公允价值						摊销成本（1）						公允价值
第一优先权高级担保贷款（2）			$	13,927					$	13,684					$	10,313					$	10,081
第二优先权优先担保贷款			2,859						2,755						3,980						3,753
SDLP次级证书（3）			1,231						1,159						1,316						1,288
高级次级贷款			1,443						1,414						1,150						1,096
优先股权			2,666						2,685						2,457						2,460
Ivy Hill Asset Management，LP（4）			1,729						1,954						1,763						1,987
其他权益			1,718						2,267						1,689						2,209
总			$	25,573					$	25,918					$	22,668					$	22,874

________________________________________

(1)摊销成本代表根据折扣、保费摊销和PIk利息或股息的任何增加进行调整的原始成本。

    

(2)第一优先权优先担保贷款包括公司归类为“单位”贷款的某些贷款。公司归类为“单位经营”贷款的贷款的摊销成本和公允价值总额为美元8,137 和$8,020 分别为截至2024年9月30日和美元5,786 和$5,667，分别截至2023年12月31日。

(3)这些证书的收益用于与Varagon Capital Partners（“Varagon”）及其客户的共同投资，为第一优先权高级担保贷款提供资金， 19和22 分别截至2024年9月30日和2023年12月31日的不同借款人。

(4)包括公司在IHAm（定义如下）的次级贷款和股权投资（如适用）。

  

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该公司使用GICS对其投资组合公司的行业分组进行分类。截至2024年9月30日和2023年12月31日，公司投资组合按公允价值计算的行业和地理组成如下：

			自.起
			2024年9月30日						2023年12月31日
行业
软件和服务			25.4		%				23.2		%
保健服务			12.8						12.1
商业和专业服务			10.7						9.8
金融服务（1）			10.0						11.5
保险服务			5.8						5.1
消费服务			4.8						4.3
投资基金和工具（2）			4.7						5.8
发电			3.5						4.2
零售及分销			3.3						2.5
媒体和娱乐			3.2						2.8
资本货物			2.8						2.4
耐用消费品和服装			2.2						3.1
消费品分销和零售			2.0						1.8
能量			1.5						2.2
制药、生物技术和生命科学			1.4						1.5
其他			5.9						7.7
总			100.0		%				100.0		%

________________________________________

(1)包括公司对IHAm的投资。

(2)包括该公司对SDLP（定义如下）的投资，该SDLP已向其提供第一优先权优先担保贷款 19和22 分别截至2024年9月30日和2023年12月31日的不同借款人。SDLP中的投资组合公司所在行业与公司投资组合中的公司相似。

			自.起
			2024年9月30日						2023年12月31日
地理区域
西（1）			24.2		%				24.3		%
中西部			24.1						24.7
东南			18.4						18.5
中大西洋			14.7						13.3
东北（2）			12.3						13.2
国际			6.3						6.0
总			100.0		%				100.0		%

________________________________________

(1)包括公司对SDLP的投资，该投资代表了 4.5%和5.6分别占截至2024年9月30日和2023年12月31日按公允价值计算的总投资组合的%。

(2)包括该公司对IHAm的投资，该投资代表了 7.5%和8.7分别占截至2024年9月30日和2023年12月31日按公允价值计算的总投资组合的%。

截至2024年9月30日和2023年12月31日，非应计状态贷款代表 1.3按摊销成本计算的总投资百分比（或 0.6按公允价值计算的%）和 1.3按摊销成本计算的%（或 0.6按公允价值计算的%）。

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Ivy Hill Asset Management，LP

常春藤资产管理有限公司(“Iham”)是本公司全资拥有的投资组合公司，是一家资产管理公司和在美国证券交易委员会注册的投资顾问。截至2024年9月30日，Iham管理的资产约为13.2十亿美元。截至2024年9月30日，Iham成功21车辆(“伊哈姆车辆”)。Iham通过管理Iham车辆赚取手续费收入，并作为其商业战略的一部分投资了某些此类车辆。截至2024年9月30日和2023年12月31日，Iham总投资的摊销成本为1美元2,304 和$2,288，分别为。在截至2024年9月30日的三个月和九个月里，Iham的管理和激励费用收入为$13 和$41和与投资有关的收入分别为#美元。75 和$266，其中包括投资和其他交易的已实现净收益或净亏损。在截至2023年9月30日的三个月和九个月里，Iham的管理和激励费用收入为$15 和$42和与投资有关的收入分别为#美元。80 和$236，其中包括投资和其他交易的已实现净收益或净亏损。

 截至2024年9月30日和2023年12月31日，公司对IHAm投资的摊销成本和公允价值如下：

			自.起
			2024年9月30日												2023年12月31日
			摊余成本						公平值						摊余成本						公平值
次级贷款（1）			$	28					$	28					$	62					$	62
股权			1,701						1,926						1,701						1,925
IHAM总投资			$	1,729					$	1,954					$	1,763					$	1,987

_______________________________________________________________________________

(1)该公司已承诺资助高达美元500 提供给IHAm，其可用性仅由公司自行决定。

截至2024年和2023年9月30日止三个月和九个月，公司从IHAm赚取的利息收入和股息收入如下：

			截至9月30日的三个月内，												截至9月30日的九个月内，
			2024						2023						2024						2023
利息收入			$	1					$	5					$	2					$	28
股息收入			$	69					$	62					$	204					$	179

IHAm或某些IHAm车辆可能会不时从公司购买投资或向公司出售投资。对于IHAm Vehicles向公司或从公司进行的任何此类销售或购买，IHAm Vehicles必须获得与公司或IHAm无关的第三方（如适用）的批准。截至2024年9月30日和2023年9月30日的九个月内，IHAm或某些IHAm车辆购买了美元301 和$842，分别来自该公司的贷款。截至2024年9月30日和2023年9月30日止九个月，公司确认美元1 和$12分别为这些销售的已实现净亏损。截至2024年9月30日和2023年9月30日的九个月内，IHAm或某些IHAm车辆的销售额为美元32 和$26分别对公司的投资。

截至2024年9月30日和2023年12月31日，公司对IHAm的投资按摊销成本和公允价值计算的收益率如下：

						自.起
						2024年9月30日												2023年12月31日
						摊余成本						公平值						摊余成本						公平值
后偿贷款						11.3		%				11.3		%				12.0		%				12.0		%
股权（1）						16.2		%				14.3		%				15.1		%				13.3		%

_______________________________________________________________________________

(1)代表公司对IHAm的股权投资的收益率，计算为（a）公司最近一年收到的与公司对IHAm的股权投资相关的股息年化金额

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季度末，除以（b）公司在IHAm的股权投资的摊销成本或公允价值（如适用）。

IHAm是与Ares Operations签订的管理协议（本文称为“IHAm管理协议”）的一方。根据IHAm管理协议，Ares Operations向IHAm提供（除其他外）办公设施、设备、文员、簿记和记录保存服务、与IHAm管理的车辆权益的营销和销售相关的服务、托管人、会计师、律师、承保人和被认为必要的任何其他身份的其他人员的服务和监督。根据IHAm管理协议，IHAm向Ares Operations报销与此类服务相关的所有实际费用，包括Ares Operations为其官员、员工和各自员工履行IHAm管理协议下义务的补偿、租金和其他费用中的可分配部分。

选金融信息

根据S-X法规第4-08（g）条，以下列出了IHAm截至2024年9月30日和2023年12月31日以及截至2024年9月30日和2023年9月30日的三个月和九个月符合GAAP的精选财务信息。

根据GAAP，IHAm必须根据可变利率模型或投票利益模型合并IHAm拥有直接或间接控制财务权益的实体，其中包括某些IHAm工具（“合并IHAm工具”）。因此，仅出于GAAP的目的，IHAm合并了（a）其持有多数投票权或对该实体的运营、财务和投资决策拥有多数所有权和控制权的实体，以及（b）其认为是可变利益实体的实体，IHAm在其中拥有超过微不足道的经济利益和权力来指导对实体影响最大的活动，IHAm被视为主要受益人。

当IHAm仅出于GAAP目的合并IHAm工具时，IHAm按总额反映合并IHAm工具的资产、负债、收入和费用，包括第三方投资者在合并IHAm工具中持有的经济利益，作为债务义务、次级票据或非控股权益，见下文合并IHAm财务报表。IHAm作为合并IHAm车辆的投资经理获得的所有收入都在GAAP合并中被剔除。然而，由于消除的金额是从第三方投资者那里赚取并资助的，IHAm车辆的GAAP合并不会影响IHAm应占的净利润或亏损。因此，该公司认为，最好独立看待对IHAM业务的评估以及对公司对IHAM投资的影响，如下表第一列所反映。

155

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			截至2024年9月30日
			IHAM						综合IHAm车辆（1）						淘汰						已整合
选定的资产负债表信息：
资产
按公允价值计算的投资（2）			$	2,249					$	8,421					$	(2,212)					$	8,458
现金和现金等价物			4						831						—						835
其他资产			72						126						(57)						141
总资产			$	2,325					$	9,378					$	(2,269)					$	9,434
负债
债务			$	453					$	6,696					$	—					$	7,149
ARCC的附属说明			28						—						—						28
附属笔记（3）			—						1,242						(927)						315
其他负债			11						151						(14)						148
总负债			492						8,089						(941)						7,640
股权
出资			1,701						—						—						1,701
累积盈利			188						—						—						188
投资和外币交易未实现净损失（4）			(56)						—						—						(56)
综合IHAm车辆中的非控股权益（5）			—						1,289						(1,328)						(39)
总股本			1,833						1,289						(1,328)						1,794
负债和权益总额			$	2,325					$	9,378					$	(2,269)					$	9,434

			截至2023年12月31日
			IHAM						综合IHAm车辆（1）						淘汰						已整合
选定的资产负债表信息：
资产
按公允价值计算的投资（2）			$	2,274					$	9,392					$	(2,265)					$	9,401
现金和现金等价物			9						707						—						716
其他资产			70						100						(68)						102
总资产			$	2,353					$	10,199					$	(2,333)					$	10,219
负债
债务			$	462					$	7,459					$	—					$	7,921
ARCC的附属说明			62						—						—						62
附属笔记（3）			—						1,280						(992)						288
其他负债			17						189						(16)						190
总负债			541						8,928						(1,008)						8,461
股权
出资			1,701						—						—						1,701
累积盈利			126						—						—						126
投资和外币交易未实现净损失（4）			(15)						—						—						(15)
综合IHAm车辆中的非控股权益（5）			—						1,271						(1,325)						(54)
总股本			1,812						1,271						(1,325)						1,758
负债和权益总额			$	2,353					$	10,199					$	(2,333)					$	10,219

________________________________________

156

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(1)仅出于GAAP目的合并。

(2)该公允价值的确定根据IHAM的估值过程确定（与本文其他地方描述的公司估值过程分开且不包括）。截至2024年9月30日和2023年12月31日，IHAM总投资的摊销成本为美元2,304 和$2,288，分别。截至2024年9月30日和2023年12月31日，IHAm综合投资总额的摊销成本为美元8,597 和$9,619，分别为。

(3)次级票据通常代表某些合并IHAm工具中最初级的资本，并实际上代表此类工具的股权。

(4)截至2024年9月30日和2023年12月31日，未实现净亏损为美元53 和$13分别已在合并时被消除，并且消除计入选定资产负债表信息中的“合并IHAm工具中的非控股权益”中。

(5)Consolided IHAm Vehicles的非控股权益包括Consolided IHAm Vehicles的未实现净折旧美元139 和$221 分别截至2024年9月30日和2023年12月31日。

			截至2024年9月30日的三个月
			IHAM						综合IHAm车辆（1）						淘汰						已整合
选定的运营说明书信息：
收入
投资收益			$	77					$	251					$	(75)					$	253
管理费和其他收入			13						2						(12)						3
总收入			90						253						(87)						256
费用
利息开支			10						139						—						149
向次级票据的分配			—						49						(37)						12
管理费和其他费用			4						14						(12)						6
总费用			14						202						(49)						167
净营业收入			76						51						(38)						89
投资和外币已实现净损失			(2)						(39)						2						(39)
投资、外币和其他交易的未实现（损失）净收益			(8)						41						10						43
投资、外币和其他交易已实现和未实现（损失）净收益总额			(10)						2						12						4
净收入			66						53						(26)						93
减：归属于合并IHAm车辆非控股权益的净利润			—						53						(26)						27
归属于Ivy Hill Asset Management，LP的净利润			$	66					$	—					$	—					$	66

157

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			截至2024年9月30日的九个月
			IHAM						综合IHAm车辆（1）						淘汰						已整合
选定的运营说明书信息：
收入
投资收益			$	263					$	784					$	(257)					$	790
管理费和其他收入			41						8						(38)						11
总收入			304						792						(295)						801
费用
利息开支			30						432						—						462
向次级票据的分配			—						154						(114)						40
管理费和其他费用			11						47						(38)						20
总费用			41						633						(152)						522
净营业收入			263						159						(143)						279
投资和外币已实现净收益（损失）			3						(113)						(7)						(117)
债务消除已实现净损失			—						(1)						—						(1)
投资、外币和其他交易的未实现（损失）净收益			(41)						88						40						87
投资、外币和其他交易已实现和未实现净损失总额			(38)						(26)						33						(31)
净收入			225						133						(110)						248
减：归属于合并IHAm车辆非控股权益的净利润			—						133						(110)						23
归属于Ivy Hill Asset Management，LP的净利润			$	225					$	—					$	—					$	225

			截至2023年9月30日的三个月
			IHAM						综合IHAm车辆（1）						淘汰						已整合
选定的运营说明书信息：
收入
投资收益			$	87					$	285					$	(87)					$	285
管理费和其他收入			15						3						(14)						4
总收入			102						288						(101)						289
费用
利息开支			15						152						—						167
向次级票据的分配			—						52						(40)						12
管理费和其他费用			3						19						(14)						8
总费用			18						223						(54)						187
净营业收入			84						65						(47)						102
投资和其他交易的已实现净损失			(7)						(16)						8						(15)
投资和其他交易未实现净收益			2						46						(4)						44
投资和其他交易已实现和未实现（损失）净收益总额			(5)						30						4						29
净收入			79						95						(43)						131
减：归属于合并IHAm车辆非控股权益的净利润			—						95						(43)						52
归属于Ivy Hill Asset Management，LP的净利润			$	79					$	—					$	—					$	79

158

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			截至2023年9月30日的九个月
			IHAM						综合IHAm车辆（1）						淘汰						已整合
选定的运营说明书信息：
收入
投资收益			$	253					$	813					$	(251)					$	815
管理费和其他收入			42						6						(40)						8
总收入			295						819						(291)						823
费用
利息开支			50						424						—						474
向次级票据的分配			—						141						(110)						31
管理费和其他费用			11						55						(40)						26
总费用			61						620						(150)						531
净营业收入			234						199						(141)						292
投资和其他交易的已实现净损失			(17)						(26)						8						(35)
投资和其他交易未实现净收益			19						76						(23)						72
投资和其他交易已实现和未实现净收益总额			2						50						(15)						37
净收入			236						249						(156)						329
减：归属于合并IHAm车辆非控股权益的净利润			—						249						(156)						93
归属于Ivy Hill Asset Management，LP的净利润			$	236					$	—					$	—					$	236

____________________________________

(1)仅出于GAAP目的合并。

高级直接贷款计划

该公司与Varagon成立了一家合资企业，主要向美国中型市场公司提供某些第一优先权高级担保贷款，包括某些长期高级贷款和单一农场贷款。该合资企业称为高级直接贷款计划有限责任公司（“高级直接贷款计划”或“SDLP”）。2016年7月，该公司与Varagon及其客户完成了SDLP的初始融资。SDLP通常可以承诺并持有高达美元的个人贷款450.该公司可以直接与SDLP共同投资，以容纳更大规模的交易。SDLP在交易完成时资本化，所有投资组合决策以及有关SDLP的所有其他决策都必须得到SDLP投资委员会的批准，该委员会由公司和Varagon的代表组成（并得到双方代表的批准）。

该公司以次级证书（“SDLP证书”）的形式向SDLP提供资本，Varagon及其客户以优先票据、中间融资票据和SDLP证书的形式向SDLP提供资本。截至2024年9月30日和2023年12月31日，公司和Varagon的客户拥有 87.5%和12.5分别占未完成的SDLP证书的%。

截至2024年9月30日和2023年12月31日，公司与Varagon及其客户已同意向SDLP提供资本 $6,150 和$6,150分别，总计，其中 $1,444 和$1,444，将分别从公司提供。该公司将继续以SDLP证书的形式向SDLP提供资本，Varagon及其客户将以优先票据、中间融资票据和SDLP证书的形式向SDLP提供资本。如上所述，只有在SDLP投资委员会批准交易后，该资本才会承诺给SDLP。 以下是SDLP的已到位资本和未到位资本承诺的摘要。

159

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			自.起
			2024年9月30日						2023年12月31日
SDLP资助的总资本（1）			$	4,900					$	5,361
公司向SDLP提供的总资本（1）			$	1,274					$	1,328
SDLP的无资金资本承诺总额（2）			$	291					$	260
公司对SDLP的无资金资本承诺总额（2）			$	68					$	60

___________________________________________________________________________

(1)按本金金额计算。

(2)这些为延迟提取贷款提供资金的承诺已得到SDLP投资委员会的批准，如果满足此类延迟提取贷款的融资条件，将获得资金。

SDLP证书支付相当于有担保隔夜融资利率（“SOFR”）加上的息票 8.0%，并使其持有人有权从贷款组合中获得一部分超出现金流（扣除费用），这可能会导致SDLP证书持有人的回报高于规定的息票。SDLP证书在高级票据和中间融资票据的付款权上处于初级地位。

截至2024年9月30日和2023年12月31日，公司持有的SDLP证书的摊销成本和公允价值以及公司按摊销成本和公允价值对SDLP证书的投资收益率如下：

			自.起
			2024年9月30日												2023年12月31日
			摊余成本						公平值						摊余成本						公平值
SDLP证书投资			$	1,231					$	1,159					$	1,316					$	1,288
SDLP证书投资收益率			12.9		%				13.7		%				13.6		%				13.9		%

截至2024年和2023年9月30日的三个月和九个月，公司投资SDLP证书的利息收入和资本结构服务费以及其他收入如下：

			截至9月30日的三个月内，												截至9月30日的九个月内，
			2024						2023						2024						2023
利息收入			$	43					$	43					$	131					$	129
资本结构服务费和其他收入			$	4					$	1					$	9					$	8

截至2024年9月30日和2023年12月31日，SDLP的投资组合完全由向美国中型市场公司提供的第一优先权优先担保贷款组成，并且所处行业与公司投资组合中的公司相似。截至2024年9月30日和2023年12月31日， 一 的贷款处于非应计状态。 以下是SDLP投资组合的摘要。

			自.起
			2024年9月30日						2023年12月31日
第一优先权优先担保贷款总额（1）（2）			$	4,889					$	5,431
单一借款人的最大贷款（1）			$	367					$	370
借款人五笔最大贷款总额（1）			$	1,686					$	1,650
SDLP中的借款人数量			19						22
为延迟提取贷款提供资金的承诺（3）			$	291					$	260

___________________________________________________________________________

(1)按本金金额计算。

160

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(2)第一优先权优先担保贷款包括SDLP归类为“单位农场”贷款的某些贷款。截至2024年9月30日和2023年12月31日，SDLP归类为“单位”贷款的SDLP投资组合中贷款本金总额为美元4,181 和$4,558，分别为。

(3)如上所述，这些承诺已得到SDLP投资委员会的批准。

根据S-X法规第4-08（g）条，截至2024年9月30日和2023年12月31日以及截至2024年9月30日和2023年9月30日的三个月和九个月，SDLP的选定财务信息如下：

			自.起
			2024年9月30日						2023年12月31日
选定的资产负债表信息：
按公允价值计算的投资（摊销成本为美元4,724 和$5,267，分别）			$	4,581					$	5,129
其他资产			169						192
总资产			$	4,750					$	5,321
优先票据			$	3,319					$	3,705
中间融资票据			125						139
其他负债			130						136
总负债			3,574						3,980
次级证书和会员资本			1,176						1,341
负债总额和成员资本			$	4,750					$	5,321

			截至9月30日的三个月内，												截至9月30日的九个月内，
			2024						2023						2024						2023
选定的运营说明书信息：
总投资收益			$	137					$	145					$	420					$	421
利息开支			74						76						228						217
其他费用			5						7						13						19
总费用			79						83						241						236
净投资收入			58						62						179						185
投资净已实现和未实现（损失）收益			(25)						6						(97)						(79)
运营导致成员资本净增加			$	33					$	68					$	82					$	106

5.债务

根据《投资公司法》，公司可以借入金额，使其根据《投资公司法》计算的资产覆盖率在借款后至少为150%。公司适用于高级证券的资产覆盖要求从 200%至150%于2019年6月21日生效。截至2024年9月30日，公司发行的优先证券的未偿还本金总额为美元13,487 该公司的资产覆盖范围为 195%.

161

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截至2024年9月30日和2023年12月31日，公司未偿债务如下：

			自.起
			2024年9月30日																		2023年12月31日
			已承诺/未偿还本金总额（1）						未偿还本金						账面值						已承诺/未偿还本金总额（1）						未偿还本金						账面值
循环信贷安排			$	4,513		(2)			$	1,713					$	1,713					$	4,758		(2)			$	1,413					$	1,413
循环融资机制			1,775						822						822						1,775						863						863
SMBC融资机制			800			(3)			492						492						800			(3)			401						401
BNP融资机制			1,265						784						784						865						575						575
2024-1 CLO注释（4）			476						476						473			(5)			—						—						—
2024年可转换票据			—						—						—			(5)			403						403						402			(5)
2024年6月笔记			—						—						—			(5)			900						900						899			(5)
2025年3月笔记			600						600						600			(5)			600						600						599			(5)
2025年7月笔记			1,250						1,250						1,252			(5)			1,250						1,250						1,255			(5)
2026年1月笔记			1,150						1,150						1,148			(5)			1,150						1,150						1,146			(5)
2026年7月笔记			1,000						1,000						995			(5)			1,000						1,000						993			(5)
2027年1月笔记			900						900						909			(5)(6)			900						900						905			(5)(6)
2027年6月笔记			500						500						496			(5)			500						500						495			(5)
2028年6月笔记			1,250						1,250						1,248			(5)			1,250						1,250						1,247			(5)
2029年3月笔记			1,000						1,000						1,005			(5)(6)			—						—						—
2029年7月笔记			850						850						871			(5)(6)			—						—						—
2031年11月笔记			700						700						692			(5)			700						700						691			(5)
总			$	18,029					$	13,487					$	13,500					$	16,851					$	11,905					$	11,884

________________________________________

(1)代表该工具项下承诺或未偿还的总金额（如适用）。承诺的循环信贷机制、循环融资机制、SMBC融资机制和BNP融资机制（定义见下文）下的借款受借款基础和其他限制。

(2)提供一项功能，允许公司在某些情况下将循环信贷额度的规模增加到最多美元6,732 和$7,137，分别截至2024年9月30日和2023年12月31日。

(3)提供一项功能，允许ACJb（定义如下）在某些情况下将SMBC融资机制的规模增加到最大$1,000.

(4)不包括CLO次级票据（定义见下文），该票据由公司保留，因此在合并中被消除。有关更多信息，请参阅下面的“债务证券化”。

(5)代表未偿还本金总额，减去未摊销债务发行成本和发行时记录的未摊销/摊销折扣或溢价净额。2024年3月，公司在2024年可转换票据（定义见下文）到期时全额偿还。2024年6月，公司在到期时全额偿还了2024年6月票据（定义见下文）。

(6)截至2024年9月30日，2027年1月票据、2029年3月票据和2029年7月票据（定义见下文）的公允价值包括有效对冲会计关系导致的调整。截至2023年12月31日，2027年1月票据的公允价值包括因有效对冲会计关系而进行的调整。有关利率互换的更多信息，请参阅注6。

截至2024年9月30日，公司所有未偿债务的加权平均规定利率和加权平均到期日（均为未偿本金总额）为 5.2%和3.5 分别为年和截至

162

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2023年12月31日是 4.8%和3.0 分别是年。截至2024年9月30日和2023年12月31日，公司所有未偿债务的加权平均规定利率包括利率互换的影响。有关利率互换的更多信息，请参阅注6。

 

循环信贷安排

 

该公司是高级有担保循环信贷融资（经修订和重述，“循环信贷融资”）的一方，该融资允许公司借入最多美元4,513 在任何时候都表现出色。循环信贷机制由美元组成3,400 循环份额和$1,113 定期贷款部分。 截至2024年9月30日，循环信贷融资的各个循环和定期贷款部分的循环期结束和规定到期日如下：

			已承诺/未偿还本金总额						循环期结束						到期日
循环份额			$	3,024					2028年4月12日						2029年4月12日
			269						2026年3月31日						2027年3月31日
			107						2025年3月31日						2026年3月31日
			3,400
定期贷款部分			974												2029年4月12日
			70												2028年4月19日
			41												2027年3月31日
			28												2026年3月31日
			1,113
			$	4,513

循环信贷额度还提供了一项功能，允许公司在某些情况下将循环信贷额度的总体规模增加到最高美元6,732.循环信贷工具通常要求在每个SOFR利息期结束时支付利息，但频率不低于每季度，并按月支付其他贷款的利息。在各自循环期结束后且在各自规定的到期日之前，公司必须每月偿还定期贷款部分和循环部分下的相关未偿还本金，金额等于各自循环期结束时未偿还本金的1/12。

根据循环信贷安排，本公司须遵守有关类似循环信贷安排的各项契约、报告规定及其他惯常规定，包括但不限于以下契约：(A)对产生额外债务及留置权的限制，(B)对某些投资的限制，(C)对某些受限制付款的限制，(D)维持某一最低股东权益，(E)维持本公司及其综合附属公司(除某些例外情况外)总资产(减去不代表负债的总负债)与总负债的比率不低于1.5：1.0，(F)对质押某些未设押资产的限制，以及(G)对设立或存在禁止对公司及其某些子公司的某些财产留置权的协议的限制。这些契约须遵守管理循环信贷机制的文件中所述的重要限制和例外情况。循环信贷安排下可供借贷的金额(以及某些其他准许债务的产生)亦须符合借款基准的规定，该借款基准对质押为抵押品的不同类别资产(根据循环信贷安排厘定的价值)适用不同的预付款利率。截至2024年9月30日，本公司在所有重大方面均遵守循环信贷安排的条款。

 

截至2024年9月30日和2023年12月31日，1,713 和$1,413 分别在循环信贷机制下未偿还。循环信贷机制还为签发总金额高达美元的信用证提供了子限额250 能够增量增加美元50 在未承诺的基础上。截至2024年9月30日和2023年12月31日，公司拥有美元53 和$60分别以通过循环信贷机制签发的信用证形式。循环信贷机制下可供借款的金额将因签发的任何信用证而减少。截至2024年9月30日，有美元2,747，可在循环信贷机制下借款（扣除已签发的信用证），但须遵守借款基础限制。

 

循环信贷工具收取的利率基于SOFR加上信用利差调整 0.10%（或以英镑、加元、欧元和某些其他外币计价的某些贷款、承诺和/或其他信贷延期的替代利率加上利差调整（如果适用）和适用的利差

163

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任何一种1.75%或1.875%或“备用基本利率”(在管理循环信贷安排的文件中定义)加上适用的利差0.75%或0.875在每一种情况下，按月确定的百分比是借款基数总额相对于(1)(A)循环信贷安排下的循环风险和未偿还定期贷款总额和(B)85循环信贷安排总承担额的百分比(或如较高，则为循环风险总额)加上(Ii)以循环信贷安排相同抵押品作抵押的其他债务(如有)。循环信贷安排允许使用一个月、三个月或六个月的SOFR进行借款。截至2024年9月30日，1个月、3个月和6个月SOFR分别为4.85%、4.59%和4.25%。截至2024年9月30日，有效的适用利差为1.75%。除循环信贷贷款的利息支出外，公司还需支付以下承诺费：0.375循环信贷安排任何未使用部分的年利率。本公司还需支付以下两项之一的信用证费用2.00%或2.125已签发信用证的年利率，按借款基数占循环信贷安排总承诺额及以循环信贷安排相同抵押品作抵押的其他债务(如有)的总额每月厘定。

循环信贷融资由公司投资组合中的某些资产担保，不包括Ares Capital CP（定义见下文）在循环融资机制下持有的投资、ACJb在SMBC融资机制下持有的投资、AFb（定义见下文）在BNP融资机制下持有的投资以及ARCC CLO I（定义见下文）持有的投资（各自如下所述）以及某些其他投资。

截至2024年9月30日和2023年9月30日的三个月和九个月，利息和信贷设施费用、为利息费用支付的现金、平均规定利率（即有效利率加上利差）和循环信贷融资的平均未偿还余额如下：

			截至9月30日的三个月内，												截至9月30日的九个月内，
			2024						2023						2024						2023
既定利息费用			$	33					$	26					$	78					$	94
信贷设施费用			3						3						10						9
债务发行成本摊销			2						2						7						6
利息和信贷设施费用总支出			$	38					$	31					$	95					$	109
支付利息费用的现金			$	31					$	28					$	92					$	103
平均规定利率			7.22		%				7.25		%				7.33		%				6.64		%
平均未偿余额			$	1,818					$	1,479					$	1,420					$	1,885

 

信用证贷款机制

2023年5月，公司与德意志银行纽约分行（“DB发行人”）签订了一份未承诺的持续协议（“信用证融资”），允许DB发行人应公司的要求，代表某些投资组合公司发放信用证或索付担保。如果投资组合公司违约相关付款义务，公司必须向DB发行人付款。信用证融资以循环信贷融资按同等权益担保，并以与循环信贷融资大致相同的抵押品为抵押。截至2024年9月30日和2023年12月31日，DB发行人拥有美元118 和$69分别以信用证融资项下签发的信用证形式进行。

循环融资机制

 

该公司及其合并子公司Ares Capital CP Funding LLC（“Ares Capital CP”）是循环融资机制（经修订，“循环融资机制”）的一方，允许Ares Capital CP借入最多美元1,775 在任何时候都表现出色。循环融资机制由Ares Capital CP持有的所有资产及其会员权益担保。循环融资机制的再投资期结束和规定到期日分别为2024年12月29日和2026年12月29日。有关循环融资机制相关的后续活动，请参阅注14。

 

循环融资机制下可借款的金额受借款基础的约束，该基础对Ares Capital CP持有的不同类型的资产适用不同的预付利率。Ares Capital CP还受到循环融资机制担保贷款的限制，包括对行业集中度、贷款规模、支付频率和状态、抵押品利息和固定利率贷款的限制，以及对投资组合公司杠杆率的限制，所有这些也可能影响借款基础，从而影响可借款金额。公司和Ares Capital CP还需要遵守类似设施的各种契约、报告要求和其他习惯要求。

164

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这些契约受到管理循环融资机制的文件中描述的重要限制和例外的约束。截至2024年9月30日，公司和Ares Capital CP在所有重大方面均遵守循环融资机制的条款。

 

截至2024年9月30日和2023年12月31日，822 和$863 分别在循环融资机制下未偿还。循环融资机制收取的利率基于SOFR加上信用利差调整 0.10%或“基本利率”（如管理循环融资机制的文件中定义）加上适用的利差 1.90每年%。Ares Capital CP还需要支付介于 0.50%和1.25每年%，具体取决于循环融资机制未使用部分的规模。

  

截至2024年9月30日和2023年9月30日的三个月和九个月，利息和信贷设施费用、为利息费用支付的现金、平均规定利率（即有效利率加上利差）和循环融资机制的平均未偿余额如下：

			截至9月30日的三个月内，												截至9月30日的九个月内，
			2024						2023						2024						2023
既定利息费用			$	17					$	16					$	41					$	44
信贷设施费用			1						1						5						4
债务发行成本摊销			1						1						3						3
利息和信贷设施费用总支出			$	19					$	18					$	49					$	51
支付利息费用的现金			$	16					$	16					$	42					$	43
平均规定利率			7.34		%				7.46		%				7.42		%				6.96		%
平均未偿余额			$	872					$	863					$	721					$	847

SMBC融资机制

 

该公司及其合并子公司Ares Capital Jb Funding LLC（“ACJB”）是循环融资机制（经修订，“SMBC Funding Facility”）的一方，ACJb作为借款人，三井住友银行作为行政代理人和抵押代理人，允许ACJb借入最多美元800 在任何时候都表现出色。SMBC资助机制还提供了一项功能，允许ACJb在获得某些同意的情况下将SMBC资助机制的总体规模增加到美元1,000. SMBC融资机制由ACJb持有的所有资产担保。SMBC融资机制的再投资期结束和规定到期日分别为2027年3月28日和2029年3月28日。再投资期和规定的到期日均受 二 一年制 经双方协议延期。

 

SMBC融资机制下可借款的金额须遵守对ACJb持有的资产采用预付利率的借款基础。ACJb还受到SMBC融资机制担保贷款的限制，包括对行业集中度、贷款规模、支付频率和状态、抵押品利息和固定利率贷款的限制，以及对投资组合公司杠杆率的限制，所有这些也可能影响借款基础，从而影响可借款金额。公司和ACJb还需要遵守类似设施的各种契约、报告要求和其他习惯要求。这些契约受管理SMBC资助机制的文件中描述的重要限制和例外的约束。截至2024年9月30日，公司和ACJb在所有重大方面均遵守SMBC融资机制的条款。

 

截至2024年9月30日和2023年12月31日，492 和$401分别在SMBC融资机制下尚未偿还。自2024年3月28日起，SMBC融资机制收取的利率是基于适用的利差(I)2.50超过一个月的百分比SOFR或(II)1.50超过“基本利率”(在管理SMBC融资机制的文件中定义)的%。自2023年4月28日至2024年3月27日，SMBC融资机制收取的利率是基于适用的利差(I)1.75%或2.00一个月SOFR加信用利差调整的%0.10%或(Ii)0.75%或1.00在每一种情况下，根据SMBC融资机制下未偿还借款的平均金额按月确定的“基本利率”上浮%。在2023年4月28日之前，SMBC融资机制收取的利率是基于适用的利差(I)1.75%或2.00一个月以上伦敦银行同业拆息(LIBOR)或(Ii)0.75%或1.00在每一种情况下，根据SMBC融资机制下未偿还借款的平均金额按月确定的“基本利率”上浮%。ACJB需要支付以下承诺费：0.50%和1.00年利率取决于SMBC融资机制未使用部分的大小。

 

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截至2024年9月30日和2023年9月30日的三个月和九个月，利息和信贷设施费用、为利息费用支付的现金、平均规定利率（即实际利率加上利差）和SMBC融资机制的平均未偿余额如下：

			截至9月30日的三个月内，												截至9月30日的九个月内，
			2024						2023						2024						2023
既定利息费用			$	10					$	7					$	22					$	21
信贷设施费用			—						1						2						2
债务发行成本摊销			1						1						2						2
利息和信贷设施费用总支出			$	11					$	9					$	26					$	25
支付利息费用的现金			$	9					$	7					$	21					$	21
平均规定利率			7.80		%				7.34		%				8.11		%				6.78		%
平均未偿余额			$	482					$	401					$	356					$	414

    

BNP融资机制

 

该公司及其合并子公司ARCC Fb Funding LLC（“AFB”）是循环融资机制（经修订，“BNP Funding Facility”）的一方，AFb为借款人，BNP Paribas为行政代理人和贷方，允许AFb最多借入美元1,265 在任何时候都表现出色。BNP融资机制由AFb持有的所有资产担保。BNP融资机制的再投资期结束和规定到期日分别为2027年7月26日和2029年7月26日。再投资期和规定的到期日均受 一年制 经双方协议延期。

 

BNP融资机制下可借款的金额受借款基础的约束，该基础对AFb持有的资产采用预付利率。AFb还受到BNP融资机制担保贷款的限制，包括对行业集中度、贷款规模、支付频率和状态、抵押品利息和固定利率贷款的限制，以及对投资组合公司杠杆率的限制，所有这些也可能影响借款基础，从而影响可借款金额。公司和AFb还必须遵守类似设施的各种契约、报告要求和其他习惯要求。这些契约受到BNP融资机制管理文件中描述的重要限制和例外的约束。截至2024年9月30日，公司和AFb在所有重大方面均遵守BNP融资机制的条款。

 

截至2024年9月30日和2023年12月31日，784 和$575分别是在法国巴黎银行融资机制下的未偿还债务。自2024年7月25日起，法国巴黎银行融资机制收取的利率是基于适用的SOFR或“基本利率”(在管理法国巴黎银行融资机制的文件中定义)加上(I)的利润率。2.10再投资期内的百分比及(Ii)2.60再投资期后的百分比。从2024年4月12日至2024年7月24日，法国巴黎银行融资机制收取的利率是基于适用的SOFR或“基本利率”加上(I)的利润率。2.50再投资期内的百分比及(Ii)3.00再投资期后的百分比。从2024年2月2日至2024年4月11日，法国巴黎银行融资机制收取的利率是基于适用的SOFR或“基本利率”加上(I)的利润率。2.65再投资期内的百分比及(Ii)3.15再投资期后的百分比。从2023年4月20日至2024年2月1日，法国巴黎银行融资机制收取的利率是基于适用的SOFR或“基本利率”加上(I)的利润率。2.80再投资期内的百分比及(Ii)3.30再投资期后的百分比。从2023年1月9日至2023年4月19日，法国巴黎银行融资机制收取的利率是基于适用的SOFR或“基本利率”加上(I)的利润率。2.30再投资期内的百分比及(Ii)2.80再投资期后的百分比。在2023年1月9日之前，法国巴黎银行融资机制收取的利率是基于适用的伦敦银行同业拆借利率或“基本利率”加上(I)的利差。1.80再投资期内的百分比及(Ii)2.30再投资期后的百分比。截至2024年9月30日，有效的适用利差为2.10%。AFB需要支付以下承诺费：0.00%和1.25根据法国巴黎银行融资机制未使用部分的大小，每年的百分比。

截至2024年9月30日和2023年9月30日的三个月和九个月，利息和信贷设施费用、为利息费用支付的现金、平均规定利率（即有效利率加上利差）和BNP融资机制的平均未偿余额如下：

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			截至9月30日的三个月内，												截至9月30日的九个月内，
			2024						2023						2024						2023
既定利息费用			$	12					$	10					$	35					$	23
信贷设施费用			1						—						1						1
债务发行成本摊销			1						—						1						1
利息和信贷设施费用总支出			$	14					$	10					$	37					$	25
支付利息费用的现金			$	11					$	10					$	34					$	22
平均规定利率			7.52		%				8.32		%				7.76		%				7.75		%
平均未偿余额			$	623					$	493					$	587					$	401

债务证券化

2024-1 CLO注释

于2024年5月，本公司透过其全资拥有的综合附属公司Ares Direct Lending CLO 1 LLC(“ARCC CLO I”)完成一项702定期债务证券化(《2024债务证券化》)。2024年债务证券化也被称为抵押贷款债券，是本公司发生的表内融资，由本公司出于财务报告目的进行合并，并受其整体资产覆盖范围要求的限制。2024年债务证券化发售的票据(统称为“2024-1 CLO票据”)由ARCC CLO I根据管理2024-1 CLO票据的契约(“CLO契约”)发行，包括(I)$406A类高级浮动利率票据(“A类CLO票据”)；70B类高级浮动利率债券(“b类CLO债券”，连同A类CLO债券，称为“CLO有抵押债券”)；及226附属债券(“CLO附属债券”)。本公司保留所有CLO附属票据，因此，CLO附属票据于合并时被剔除。下表列出了截至2024年9月30日的2024-1 CLO票据信息：

班级

类型

未偿还本金

到期日

利率

信用评级

A类CLO笔记

优先担保浮动利率

$

406

2036年4月25日

SOFR+1.80%

AAA（SF）

b类CLO注释

优先担保浮动利率

70

2036年4月25日

SOFR+2.20%

AA（SF）

CLO担保票据总数

476

CLO附属注释

次级

226

2036年4月25日

没有一

未评级

总计2024-1 CLO票据

$

702

The CLO Secured Notes are the secured obligation of ARCC CLO I and are backed by a diversified portfolio of first lien senior secured loans contributed by the Company to ARCC CLO I pursuant to the terms of a contribution agreement. The CLO Indenture contains certain conditions pursuant to which additional loans can be acquired by ARCC CLO I, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the CLO Secured Notes. The CLO Subordinated Notes, which were retained by the Company, are the unsecured obligations of ARCC CLO I. Through April 25, 2028, all principal collections received on the underlying collateral may be used by ARCC CLO I to purchase new collateral under the direction of the Company’s investment adviser in its capacity as asset manager to ARCC CLO I under an asset management agreement and in accordance with the Company’s investment strategy, including additional collateral that may be purchased from the Company, pursuant to the terms of a master purchase and sale agreement between the Company as seller and ARCC CLO I as buyer.

The CLO Indenture includes customary covenants and defaults. The 2024-1 CLO Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company’s investment adviser serves as asset manager to ARCC CLO I under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. The Company’s investment adviser has waived its right to receive such fees but may rescind such waiver with respect to the CLO Secured Notes at any time.

The interest rate charged on the CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.86%. For the three and nine months ended September 30, 2024, the components of interest expense, cash paid for interest

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expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the CLO Secured Notes were as follows.

						For the Three Months Ended September 30, 2024												For the Nine Months Ended September 30, 2024
Stated interest expense						$	9											$	13
Amortization of debt issuance costs						—												—
Total interest expense						$	9											$	13
Cash paid for interest expense						$	—											$	—
Average stated interest rate						7.32		%										7.26		%
Average outstanding balance						$	476											$	226

See Note 14 for a subsequent event relating to an additional term debt securitization.

2024 Convertible Unsecured Notes

In March 2024, the Company repaid in full the $403 in aggregate principal amount of unsecured convertible notes, which bore interest at a rate of 4.625% per year, payable semi-annually (the “2024 Convertible Notes”) upon their maturity, resulting in a realized loss on extinguishment of debt of $14. In accordance with the indenture governing the 2024 Convertible Notes, the Company settled the repayment of the 2024 Convertible Notes with a combination of cash and shares of its common stock. Approximately $393 of aggregate principal amount was settled with approximately 20 shares of the Company’s common stock and the remaining $10 was settled with available cash.

For the three and nine months ended September 30, 2024 and 2023, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes were as follows.

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Stated interest expense			$	—					$	5					$	3					$	14
Accretion of original issue discount			—						1						—						2
Total interest expense			$	—					$	6					$	3					$	16
Cash paid for interest expense			$	—					$	—					$	9					$	9

Unsecured Notes

 

The Company has issued certain unsecured notes (each issuance of which is referred to herein using the “defined term” set forth under the “Unsecured Notes” column of the table below and collectively referred to as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at the Company’s option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of September 30, 2024 are listed below.

Unsecured Notes			Aggregate Principal Amount Issued						Effective Stated Interest Rate						Original Issuance Date						Maturity Date
March 2025 Notes			$	600					4.250%						January 11, 2018						March 1, 2025
July 2025 Notes			$	1,250					3.250%						January 15, 2020						July 15, 2025
January 2026 Notes			$	1,150					3.875%						July 15, 2020						January 15, 2026
July 2026 Notes			$	1,000					2.150%						January 13, 2021						July 15, 2026
January 2027 Notes(1)			$	900					7.678%						August 3, 2023						January 15, 2027
June 2027 Notes			$	500					2.875%						January 13, 2022						June 15, 2027
June 2028 Notes			$	1,250					2.875%						June 10, 2021						June 15, 2028
March 2029 Notes(1)			$	1,000					7.223%						January 23, 2024						March 1, 2029
July 2029 Notes(1)			$	850					6.740%						May 13, 2024						July 15, 2029
November 2031 Notes			$	700					3.200%						November 4, 2021						November 15, 2031

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________________________________________

(1)The effective stated interest rates for the January 2027 Notes, the March 2029 Notes and the July 2029 Notes include the impact of interest rate swaps.

In June 2024, the Company repaid in full the $900 in aggregate principal amount outstanding of unsecured notes (the “June 2024 Notes”) upon their maturity. The June 2024 Notes bore interest at a rate of 4.200% per annum, payable semi-annually.

In connection with certain of the unsecured notes issued by the Company, the Company has entered into interest rate swap agreements to more closely align the interest rates of such liabilities with the Company’s investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. Certain information related to the Company’s interest rate swap instruments as of September 30, 2024 is presented below.

Description						Hedged Item						Company Receives						Company Pays												Maturity Date						Notional Amount
Interest rate swap						January 2027 Notes						7.000		%				SOFR +2.581%												January 15, 2027						$	900
Interest rate swap						March 2029 Notes						5.875		%				SOFR +2.023%												March 1, 2029						$	1,000
Interest rate swap						July 2029 Notes						5.950		%				SOFR +1.643%												July 15, 2029						$	850

See Note 6 for more information on the interest rate swaps.

For the three and nine months ended September 30, 2024 and 2023, the components of interest expense and cash paid for interest expense for the Unsecured Notes, as well as any other unsecured notes outstanding during the periods presented were as follows.

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Stated interest expense(1)			$	102					$	69					$	298					$	193
Amortization of debt issuance costs			4						4						12						11
Net amortization of original issue premium/discount			(2)						(2)						(5)						(5)
Total interest expense			$	104					$	71					$	305					$	199
Cash paid for interest expense(1)			$	162					$	80					$	315					$	214

________________________________________

(1)Includes the impact of the interest rate swaps.

 

The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of such notes under certain circumstances. These covenants are subject to important limitations and exceptions set forth in the indentures governing such notes. As of September 30, 2024, the Company was in compliance in all material respects with the terms of the respective indentures governing each of the Unsecured Notes.

 

The Unsecured Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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6. DERIVATIVE INSTRUMENTS

The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures.

Foreign Currency Forward Contracts

Certain information related to the Company’s foreign currency forward derivative instruments as of September 30, 2024 and December 31, 2023 is presented below.

			As of September 30, 2024
Derivative Instrument			Notional Amount									Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Foreign currency forward contract			€			156						October 25, 2024						$	170					$	(174)					Accounts payable and other liabilities
Foreign currency forward contract			CAD			155						October 25, 2024						113						(115)						Accounts payable and other liabilities
Foreign currency forward contract			CAD			153						October 18, 2024						113						(114)						Accounts payable and other liabilities
Foreign currency forward contract			€			94						October 25, 2024						103						(105)						Accounts payable and other liabilities
Foreign currency forward contract			NZD			66						October 25, 2024						39						(42)						Accounts payable and other liabilities
Foreign currency forward contract			NOK			63						October 25, 2024						6						(6)						Accounts payable and other liabilities
Foreign currency forward contract			£			61						August 21, 2026						75						(78)						Accounts payable and other liabilities
Foreign currency forward contract			£			59						October 25, 2024						76						(79)						Accounts payable and other liabilities
Foreign currency forward contract			£			57						October 25, 2024						74						(77)						Accounts payable and other liabilities
Foreign currency forward contract			CAD			53						October 25, 2024						39						(40)						Accounts payable and other liabilities
Foreign currency forward contract			AUD			21						November 17, 2026						14						(14)						Accounts payable and other liabilities
Foreign currency forward contract			£			9						August 21, 2026						11						(11)						Accounts payable and other liabilities
Foreign currency forward contract			£			3						August 21, 2026						4						(4)						Accounts payable and other liabilities
Total																		$	837					$	(859)

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			As of December 31, 2023
Derivative Instrument			Notional Amount									Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Foreign currency forward contract			€			190						January 26, 2024						$	200					$	(207)					Accounts payable and other liabilities
Foreign currency forward contract			CAD			168						January 26, 2024						120						(124)						Accounts payable and other liabilities
Foreign currency forward contract			CAD			153						January 18, 2024						114						(115)						Accounts payable and other liabilities
Foreign currency forward contract			£			116						January 26, 2024						140						(147)						Accounts payable and other liabilities
Foreign currency forward contract			NZD			71						January 26, 2024						41						(45)						Accounts payable and other liabilities
Foreign currency forward contract			£			56						August 21, 2026						69						(70)						Accounts payable and other liabilities
Foreign currency forward contract			$			10						January 26, 2024						9						(9)						Accounts payable and other liabilities
Foreign currency forward contract			AUD			10						November 17, 2026						7						(7)						Accounts payable and other liabilities
Foreign currency forward contract			CAD			4						January 26, 2024						3						(3)						Accounts payable and other liabilities
Total																		$	703					$	(727)

As of September 30, 2024 and December 31, 2023, the counterparties to each of the Company’s foreign currency forward contracts were Canadian Imperial Bank of Commerce or Royal Bank of Canada.

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the three and nine months ended September 30, 2024 and 2023 is in the following location in the consolidated statements of operations:

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
Derivative Instrument			Statement Location			2024						2023						2024						2023
Foreign currency forward contract			Net realized gains (losses) from foreign currency and other transactions			$	(9)					$	(7)					$	(10)					$	(39)
Foreign currency forward contract			Net unrealized gains (losses) from foreign currency and other transactions			$	(16)					$	26					$	4					$	44

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Interest Rate Swaps

In connection with certain of the unsecured notes issued by the Company, the Company has entered into interest rate swap agreements to more closely align the interest rates of such liabilities with the Company’s investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. As of September 30, 2024 and December 31, 2023, the counterparty to all of the Company’s interest rate swap agreements was Wells Fargo Bank, N.A. Certain information related to the Company’s interest rate swap instruments as of September 30, 2024 is presented below.

Description						Hedged Item						Company Receives						Company Pays												Maturity Date						Notional Amount
Interest rate swap						January 2027 Notes						7.000		%				SOFR +2.581%												January 15, 2027						$	900
Interest rate swap						March 2029 Notes						5.875		%				SOFR +2.023%												March 1, 2029						$	1,000
Interest rate swap						July 2029 Notes						5.950		%				SOFR +1.643%												July 15, 2029						$	850

See Note 5 for more information on the January 2027 Notes, the March 2029 Notes and the July 2029 Notes.

As a result of the Company’s designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedges was approximately $1 and $1 for the three and nine months ended September 30, 2024, respectively, which is included in “interest and credit facility fees” in the Company’s consolidated statement of operations. The balance sheet impact of fair valuing the interest rate swaps as of September 30, 2024 and December 31, 2023 is presented below:

			As of September 30, 2024
Derivative Instrument			Notional Amount									Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Amounts
Interest rate swap(1)			$			900						January 15, 2027						$	18					$	—					Other assets
Interest rate swap(2)			$			1,000						March 1, 2029						22						—						Other assets
Interest rate swap(3)			$			850						July 15, 2029						37						—						Other assets
Total																		$	77					$	—

________________________________________

(1)The asset related to the fair value of the interest rate swaps was offset by an $18 increase to the carrying value of the January 2027 Notes.

(2)The asset related to the fair value of the interest rate swap was offset by a $21 increase to the carrying value of the March 2029 Notes.

(3)The asset related to the fair value of the interest rate swap was offset by a $37 increase to the carrying value of the July 2029 Notes.

			As of December 31, 2023
Derivative Instrument			Notional Amount									Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Amounts
Interest rate swap(1)			$			900						January 15, 2027						$	15					$	—					Other assets
Total																		$	15					$	—

________________________________________

(1)The asset related to the fair value of the interest rate swaps was offset by a $15 increase to the carrying value of the January 2027 Notes.

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7. COMMITMENTS AND CONTINGENCIES

Investment Commitments

The Company has various commitments to fund investments in its portfolio as described below. As of September 30, 2024 and December 31, 2023, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) the Company’s discretion:

			As of
			September 30, 2024						December 31, 2023
Total revolving loan commitments			$	2,025					$	1,814
Less: funded commitments			(473)						(482)
Less: unavailable revolving loan commitments due to borrowing base or other covenant restrictions			(8)						—
Total net unfunded revolving loan commitments			1,544						1,332
Total delayed draw loan commitments			2,012						952
Less: unavailable delayed draw loan commitments due to borrowing base or other covenant restrictions			(16)						(13)
Total net unfunded delayed draw loan commitments			1,996						939
Total net unfunded revolving and delayed draw loan commitments			$	3,540					$	2,271

    

The Company’s commitment to fund delayed draw loans is generally triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels).

Also included within the total revolving loan commitments as of September 30, 2024 were commitments to issue up to $491 in letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2024, the Company had $48 in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $25 expire in 2024, $22 expire in 2025 and $1 expire in 2026.

 

The Company also has commitments to co-invest in the SDLP for the Company’s portion of the SDLP’s commitments to fund delayed draw loans to certain portfolio companies of the SDLP. See Note 4 for more information.

 

As of September 30, 2024 and December 31, 2023, the Company was party to agreements to fund equity investment commitments as follows:

			As of
			September 30, 2024						December 31, 2023
Total equity commitments			$	196					$	169
Less: funded equity commitments			(92)						(64)
Total unfunded equity commitments			104						105
Less: equity commitments substantially at discretion of the Company			(43)						(43)
Total net unfunded equity commitments			$	61					$	62

 

In the ordinary course of business, the Company may sell certain of its investments to third party purchasers. In particular, in connection with the sale of certain controlled portfolio company equity investments (as well as certain other sales) the Company has, and may continue to do so in the future, agreed to indemnify such purchasers for future liabilities arising from the investments and the related sale transaction. Such indemnification provisions have given rise to liabilities in the past and may do so in the future.

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In addition, in the ordinary course of business, the Company may guarantee certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable.

Lease Commitments

The Company is currently obligated under an operating lease pursuant to which it is leasing office facilities from a third party with a remaining term of approximately three years and for the nine months ended September 30, 2023, the Company was obligated under a number of operating leases pursuant to which it was leasing office facilities from third parties with remaining terms ranging from approximately one to four years. For such operating lease, the Company had previously entered into subleases. The components of operating lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Operating lease costs			$	1					$	3					$	3					$	7
Less: sublease income			(1)						(3)						(3)						(7)
Total operating lease costs(1)			$	—					$	—					$	—					$	—

________________________________________

(1)Total operating lease costs are incurred from office leases assumed as part of the Company’s acquisition of American Capital, Ltd.

Supplemental cash flow information related to operating leases for the three and nine months ended September 30, 2024 and 2023 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Cash paid for amounts included in the measurement of operating lease liabilities			$	2					$	4					$	6					$	12
Operating ROU assets obtained in exchange for operating lease liabilities			$	1					$	2					$	3					$	6

Supplemental balance sheet information as of September 30, 2024 and December 31, 2023 related to operating leases were as follows:

			As of
			September 30, 2024						December 31, 2023
Operating lease ROU assets			$	7					$	10
Operating lease liabilities			$	13					$	17
Weighted average remaining lease term (in years)			2.2						2.9
Weighted average discount rate			5.2		%				4.8		%

 

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The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of September 30, 2024:

						Amount
2024						$	2
2025						6
2026						6
Total lease payments						14
Less imputed interest						(1)
Total operating lease liabilities						$	13

The following table shows future expected rental payments to be received under the Company’s subleases where the Company is the sublessor as of September 30, 2024:

						Amount
2024						$	1
2025						4
2026						4
Total						$	9

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

 

The Company also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Company to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

•Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

 

In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by the Company’s board of directors in connection with their designation of the Company’s investment adviser as the valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policies

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and procedures, the Valuation Designee evaluates the source of inputs, including any markets in which the Company’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in the Company’s portfolio, the fair value of the investments must typically be determined using unobservable inputs.

 

The Company’s portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Company has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Company does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

 

For other portfolio investments such as investments in the SDLP Certificates and IHAM, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements.

The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of September 30, 2024:

			Fair Value Measurements Using
			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	486					$	486					$	—					$	—
Restricted cash			$	138					$	138					$	—					$	—
Investments not measured at net asset value			$	25,909					$	33					$	720					$	25,156
Investments measured at net asset value(1)			9
Total investments			$	25,918
Unfunded revolving and delayed draw loan commitments(2)			$	(25)					$	—					$	—					$	(25)
Derivatives:
Foreign currency forward contracts			$	(22)					$	—					$	(22)					$	—
Interest rate swaps			$	77					$	—					$	77					$	—

________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

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(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.

The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of December 31, 2023:

			Fair Value Measurements Using
			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	535					$	535					$	—					$	—
Restricted cash			$	29					$	29					$	—					$	—
Investments not measured at net asset value			$	22,868					$	48					$	736					$	22,084
Investments measured at net asset value(1)			6
Total investments			$	22,874
Unfunded revolving and delayed draw loan commitments(2)			$	(32)					$	—					$	—					$	(32)
Derivatives:
Foreign currency forward contracts			$	(24)					$	—					$	(24)					$	—
Interest rate swaps			$	15					$	—					$	15					$	—

________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Company’s investments categorized within Level 3 as of September 30, 2024 and December 31, 2023. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Valuation Designee’s determination of fair values.

						As of September 30, 2024
																		Unobservable Input
Asset Category						Fair Value						Primary Valuation Techniques						Input						Estimated Range						Weighted Average(1)
First lien senior secured loans						$	13,176					Yield analysis						Market yield						4.7% - 23.2%						11.0		%
Second lien senior secured loans						2,551						Yield analysis						Market yield						9.8% - 22.1%						13.5		%
Subordinated certificates of the SDLP						1,159						Discounted cash flow analysis						Discount rate						10.8% - 13.5%						12.0		%
Senior subordinated loans						1,406						Yield analysis						Market yield						9.3% - 18.2%						13.2		%
Preferred equity						2,685						Yield analysis						Market yield						7.0% - 18.0%						13.3		%
												EV market multiple analysis						EBITDA multiple						2.6x - 27.0x						14.5x
Ivy Hill Asset Management, L.P.(2)						1,954						Discounted cash flow analysis						Discount rate						9.9% - 20.9%						11.7		%
Other equity						2,225						EV market multiple analysis						EBITDA multiple						5.8x - 34.6x						14.2x
Total investments						$	25,156

________________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.

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						As of December 31, 2023
																		Unobservable Input
Asset Category						Fair Value						Primary Valuation Techniques						Input						Estimated Range						Weighted Average(1)
First lien senior secured loans						$	9,584					Yield analysis						Market yield						6.4% - 35.0%						12.7		%
Second lien senior secured loans						3,536						Yield analysis						Market yield						10.0% - 37.3%						14.8		%
Subordinated certificates of the SDLP						1,288						Discounted cash flow analysis						Discount rate						12.3% - 14.6%						13.3		%
Senior subordinated loans						1,073						Yield analysis						Market yield						8.0% - 19.2%						14.6		%
Preferred equity						2,456						Yield analysis						Market yield						7.0% - 20.0%						14.5		%
												EV market multiple analysis						EBITDA multiple						4.3x - 32.5x						15.2x
Ivy Hill Asset Management, L.P.(2)						1,987						Discounted cash flow analysis						Discount rate						11.6% - 32.6%						14.2		%
Other equity						2,160						EV market multiple analysis						EBITDA multiple						5.3x - 33.8x						14.8x
Total investments						$	22,084

________________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.

Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in market yields or discount rates or a decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Company’s investments.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2024:

			As of and For the Three Months Ended September 30, 2024
Balance as of June 30, 2024			$	24,302
Net realized losses			(20)
Net unrealized gains			73
Purchases			3,279
Sales			(846)
Repayments			(1,663)
PIK interest and dividends			111
Net accretion of discount on investments			3
Net transfers in and/or out of Level 3			(83)
Balance as of September 30, 2024			$	25,156

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			As of and For the Nine Months Ended September 30, 2024
Balance as of December 31, 2023			$	22,084
Net realized losses			(33)
Net unrealized gains			132
Purchases			9,395
Sales			(1,957)
Repayments			(4,718)
PIK interest and dividends			329
Net accretion of discount on investments			7
Net transfers in and/or out of Level 3			(83)
Balance as of September 30, 2024			$	25,156

Investments were transferred into and out of Level 3 during the three and nine months ended September 30, 2024. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of September 30, 2024, the net unrealized appreciation on the investments that use Level 3 inputs was $366.

For the three and nine months ended September 30, 2024, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company’s Level 3 assets still held as of September 30, 2024, and reported within the net unrealized gains (losses) on investments, foreign currency and other transactions in the Company’s consolidated statement of operations was $39 and $126, respectively.

The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2023:

			As of and For the Three Months Ended September 30, 2023
Balance as of June 30, 2023			$	20,757
Net realized losses			(86)
Net unrealized gains			246
Purchases			1,395
Sales			(136)
Repayments			(1,029)
PIK interest and dividends			74
Net accretion of discount on investments			1
Net transfers in and/or out of Level 3			(24)
Balance as of September 30, 2023			$	21,198

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			As of and For the Nine Months Ended September 30, 2023
Balance as of December 31, 2022			$	21,361
Net realized losses			(174)
Net unrealized gains			329
Purchases			3,634
Sales			(993)
Repayments			(3,024)
PIK interest and dividends			255
Net accretion of discount on investments			7
Net transfers in and/or out of Level 3			(197)
Balance as of September 30, 2023			$	21,198

Investments were transferred into and out of Level 3 during the three and nine months ended September 30, 2023. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

As of September 30, 2023, the net unrealized appreciation on the investments that use Level 3 inputs was $110.

For the three and nine months ended September 30, 2023, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company’s Level 3 assets still held as of September 30, 2023, and reported within the net unrealized gains (losses) on investments, foreign currency and other transactions in the Company’s consolidated statement of operations was $215 and $354, respectively.

The following are the carrying and fair values of the Company’s debt obligations as of September 30, 2024 and December 31, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.

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			As of
			September 30, 2024												December 31, 2023
			Carrying Value(1)						Fair Value(6)						Carrying Value(1)						Fair Value(6)
Revolving Credit Facility			$	1,713					$	1,713					$	1,413					$	1,413
Revolving Funding Facility			822						822						863						863
SMBC Funding Facility			492						492						401						401
BNP Funding Facility			784						784						575						575
2024-1 CLO Notes (principal amount outstanding of $476 and $0, respectively)(2)			473			(3)			476						—						—
2024 Convertible Notes (principal amount outstanding of $0 and $403, respectively)			—						—						402			(3)			417
June 2024 Notes (principal amount outstanding of $0 and $900, respectively)			—						—						899			(3)			893
March 2025 Notes (principal amount outstanding of $600)			600			(3)			597						599			(3)			587
July 2025 Notes (principal amount outstanding of $1,250)			1,252			(3)			1,232						1,255			(3)			1,198
January 2026 Notes (principal amount outstanding of $1,150)			1,148			(3)			1,133						1,146			(3)			1,107
July 2026 Notes (principal amount outstanding of $1,000)			995			(3)			951						993			(3)			913
January 2027 Notes (principal amount outstanding of $900)			909			(3)(4)			937						905			(3)(4)			927
June 2027 Notes (principal amount outstanding of $500)			496			(3)			473						495			(3)			458
June 2028 Notes (principal amount outstanding of $1,250)			1,248			(3)			1,153						1,247			(3)			1,109
March 2029 Notes (principal amount outstanding of $1,000 and $0, respectively)			1,005			(3)(4)			1,025						—						—
July 2029 Notes (principal amount outstanding of $850 and $0, respectively)			871			(3)(4)			873						—						—
November 2031 Notes (principal amount outstanding of $700)			692			(3)			608						691			(3)			586
Total			$	13,500		(5)			$	13,269					$	11,884		(5)			$	11,447

________________________________________

(1)The Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.

(2)Excludes the CLO Subordinated Notes, which were retained by the Company and, as such, are eliminated in consolidation. See Note 5 for more information on the CLO Subordinated Notes.

(3)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance.

(4)The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes as of September 30, 2024 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes as of December 31, 2023 includes an adjustment as a result of an effective hedge accounting relationship. See Notes 5 and 6 for more information.

(5)Total principal amount of debt outstanding totaled $13,487 and $11,905 as of September 30, 2024 and December 31, 2023, respectively.

(6)The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

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9. STOCKHOLDERS’ EQUITY

The Company may from time to time issue and sell shares of its common stock through public or “at the market” offerings. In connection with the issuance of its common stock, the Company issued and sold the following shares of common stock during the nine months ended September 30, 2024:

Issuances of Common Stock			Number of Shares Issued						Gross Proceeds						Underwriting Fees/Offering Expenses						Net Proceeds						Average Offering Price Per Share(1)
“At the market” offerings			40.6						$	844.0					$	8.8					$	835.2					$	20.81
Total			40.6						$	844.0					$	8.8					$	835.2

________________________________________

(1)    Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.

“At the Market” Offerings

The Company is party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that the Company may from time to time issue and sell, by means of “at the market” offerings, up to $1,000 of its common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act. Under the Equity Distribution Agreements, common stock with an aggregate offering amount of $695 remained available for issuance as of September 30, 2024.

Conversion of the 2024 Convertible Notes

In March 2024, in connection with the repayment of the 2024 Convertible Notes, the Company issued approximately 20 shares of its common stock at a conversion price of $20.12 per share for a total value of $407. See Note 5 for more information relating to the repayment of the 2024 Convertible Notes.

Dividend Reinvestment Plan

See Note 11 for information regarding shares of common stock issued or purchased in accordance with the Company’s dividend reinvestment plan.

Stock Repurchase Program

The Company is authorized under its stock repurchase program to purchase up to $1,000 in the aggregate of its outstanding common stock in the open market at certain thresholds below its net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program does not require the Company to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, the Company cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of September 30, 2024, the expiration date of the stock repurchase program was February 15, 2025. The program may be suspended, extended, modified or discontinued at any time. As of September 30, 2024, there was $1,000 available for repurchases under the stock repurchase program.

During the nine months ended September 30, 2024 and 2023, the Company did not repurchase any shares of the Company’s common stock under the stock repurchase program.

10. EARNINGS PER SHARE

The following information sets forth the computations of basic and diluted net increase in stockholders’ equity resulting from operations per share for the three and nine months ended September 30, 2024 and 2023:

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			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Net increase in stockholders’ equity resulting from operations—basic			$	394					$	500					$	1,165					$	1,109
Adjustment for interest expense on 2024 Convertible Notes(1)			—						4						—						13
Net increase in stockholders’ equity resulting from operations—diluted			$	394					$	504					$	1,165					$	1,122
Weighted average shares of common stock outstanding—basic			635						562						614						548
Assumed conversion of 2024 Convertible Notes(2)			—						20						—						20
Weighted average shares of common stock outstanding—diluted			635						582						614						568
Net increase in stockholders’ equity resulting from operations per share—basic			$	0.62					$	0.89					$	1.90					$	2.03
Net increase in stockholders’ equity resulting from operations per share—diluted			$	0.62					$	0.87					$	1.90					$	1.98

________________________________________

(1)    Includes the impact of the income based fee.

(2)    In March 2024, in connection with the repayment of the 2024 Convertible Notes, the Company issued approximately 20 shares of common stock. See Note 5 for more information relating to the repayment of the 2024 Convertible Notes.

For the purpose of calculating diluted net increase in stockholders’ equity resulting from operations per share for the three and nine months ended September 30, 2023, the Company utilized the if-converted method which assumed full share settlement for the aggregate value of the then outstanding 2024 Convertible Notes.

11. DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared and payable during the nine months ended September 30, 2024 and 2023:

Date declared						Record date						Payment date						Per share amount						Total amount
July 30, 2024						September 13, 2024						September 30, 2024						$	0.48					$	308
May 1, 2024						June 14, 2024						June 28, 2024						0.48						300
February 7, 2024						March 15, 2024						March 29, 2024						0.48						291
Total dividends declared and payable for the nine months ended September 30, 2024																		$	1.44					$	899
July 25, 2023						September 15, 2023						September 29, 2023						$	0.48					$	271
April 25, 2023						June 15, 2023						June 30, 2023						0.48						266
February 7, 2023						March 15, 2023						March 31, 2023						0.48						261
Total dividends declared and payable for the nine months ended September 30, 2023																		$	1.44					$	798

The Company has a dividend reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in

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connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend payment date. Dividend reinvestment plan activity for the nine months ended September 30, 2024 and 2023, was as follows:

			For the Nine Months Ended September 30,
			2024						2023
Shares issued			3.0						1.7
Average issue price per share			$	20.87					$	19.17
Shares purchased by plan agent to satisfy dividends declared and payable during the period for stockholders			—						0.8			(1)
Average purchase price per share			$	—					$	18.35

___________________________________________________________________________

(1)Shares were purchased in April 2023.

12. RELATED PARTY TRANSACTIONS

In accordance with the investment advisory and management agreement, the Company bears all costs and expenses of the operation of the Company and reimburses its investment adviser or its affiliates for certain of such costs and expenses paid for by the investment adviser or its affiliates on behalf of the Company. For the three and nine months ended September 30, 2024, the Company’s investment adviser or its affiliates incurred and the Company reimbursed such expenses totaling $2 and $9, respectively. For the three and nine months ended September 30, 2023, the Company’s investment adviser or its affiliates incurred and the Company reimbursed such expenses totaling $1 and $4, respectively.

The Company has entered into agreements with Ares Management LLC and IHAM, pursuant to which Ares Management LLC and IHAM are entitled to use the Company’s proprietary portfolio management software. For the three and nine months ended September 30, 2024, amounts payable to the Company under these agreements totaled $0 and $0, respectively. For the three and nine months ended September 30, 2023, amounts payable to the Company under these agreements totaled $0 and $0, respectively.

See Notes 3, 4 and 5 for descriptions of other related party transactions.

13. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights as of and for the nine months ended September 30, 2024 and 2023:

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			As of and For the Nine Months Ended September 30,
Per Share Data:			2024						2023
Net asset value at beginning of period(1)			$	19.24					$	18.40
Issuances of common stock			0.06						0.01
Conversion of 2024 Convertible Notes			0.01						—
Net investment income for period(2)			1.70						1.68
Net realized and unrealized gains for period(2)			0.20						0.34
Net increase in stockholders' equity resulting from operations			1.97						2.03
Total distributions to stockholders			(1.44)						(1.44)
Net asset value at end of period(1)			$	19.77					$	18.99
Per share market value at end of period			$	20.94					$	19.47
Total return based on market value(3)			12.12		%				13.81		%
Total return based on net asset value(4)			10.48		%				11.37		%
Shares outstanding at end of period			646						569
Ratio/Supplemental Data:
Net assets at end of period			$	12,773					$	10,815
Ratio of operating expenses to average net assets(5)(6)			12.45		%				12.80		%
Ratio of net investment income to average net assets(5)(7)			11.87		%				11.95		%
Portfolio turnover rate(5)			38		%				24		%

_________________________________________________________________________________

(1)The net assets used equals the total stockholders’ equity on the consolidated balance sheet.

(2)Weighted average basic per share data.

(3)For the nine months ended September 30, 2024, the total return based on market value equaled the increase of the ending market value at September 30, 2024 of $20.94 per share from the ending market value at December 31, 2023 of $20.03 per share plus the declared and payable dividends of $1.44 per share for the nine months ended September 30, 2024, divided by the market value at December 31, 2023. For the nine months ended September 30, 2023, the total return based on market value equaled the increase of the ending market value at September 30, 2023 of $19.47 per share from the ending market value at December 31, 2022 of $18.47 per share plus the declared and payable dividends of $1.44 per share for the nine months ended September 30, 2023, divided by the market value at December 31, 2022. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.

(4)For the nine months ended September 30, 2024, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.44 per share for the nine months ended September 30, 2024, divided by the beginning net asset value for the period. For the nine months ended September 30, 2023, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.44 per share for the nine months ended September 30, 2023, divided by the beginning net asset value for the period. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.

(5)The ratios reflect an annualized amount.

(6)For the nine months ended September 30, 2024 and 2023, the ratio of operating expenses to average net assets consisted of the following:

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			For the Nine Months Ended September 30,
			2024						2023
Base management fee			3.03		%				3.14		%
Income based fee and capital gains incentive fee			3.22						3.64		%
Interest and credit facility fees			5.83						5.59		%
Other operating expenses			0.37						0.43		%
Total operating expenses			12.45		%				12.80		%

(7)The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.

14. SUBSEQUENT EVENTS

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the nine months ended September 30, 2024, except as discussed below.

On October 8, 2024, the Company and Ares Capital CP entered into an agreement to amend the Revolving Funding Facility. The amendment, among other things, (a) increased the commitments under the Revolving Funding Facility from $1,775 to $2,150, (b) extended the end of the reinvestment period from December 29, 2024 to October 8, 2027, (c) extended the stated maturity date from December 29, 2026 to October 8, 2029 and (d) adjusted the interest rate charged on the Revolving Funding Facility from an applicable SOFR plus a credit spread adjustment of 0.10% or a “base rate” plus an applicable spread of 1.90% per annum to an applicable SOFR or a “base rate” (as defined in the documents governing the Revolving Funding Facility) plus an applicable spread of 2.00% per annum and with no credit spread adjustment. The other terms of the Revolving Funding Facility remained materially unchanged.

In October 2024, the Company, through a wholly owned and consolidated subsidiary, priced a $544 term debt securitization. The transaction is expected to close in November 2024, subject to customary closing conditions. A term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company, which is consolidated by the Company and subject to its overall asset coverage requirement.

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Ares Capital Corporation (the “Company,” “Ares Capital,” “we,” “us,” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•the return or impact of current and future investments;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•changes in the general economy, slowing economy, rising inflation and risk of recession;

•the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•our ability to recover unrealized losses;

•market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;

•our contractual arrangements and relationships with third parties;

•political and regulatory conditions that contribute to uncertainty and market volatility including the impact of the upcoming U.S. presidential election and legislative, regulatory, trade and policy changes associated with a new administration;

•the impact of supply chain constraints on our portfolio companies and the global economy;

•uncertainty surrounding global financial stability;

•ongoing conflicts in the Middle East;

•the disruption of global shipping activities;

•the Russia-Ukraine war and the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest;

•the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations;

•our ability to successfully complete and integrate any acquisitions;

•the outcome and impact of any litigation or regulatory proceeding;

•the adequacy of our cash resources and working capital;

•the timing, form and amount of any dividend distributions;

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•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; and

•the fluctuations in global interest rates.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “project,” “estimates,” “will,” “should,” “could,” “would,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in this Quarterly Report.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

OVERVIEW

We are a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”).

 

We are externally managed by Ares Capital Management LLC (“Ares Capital Management” or our “investment adviser”), a subsidiary of Ares Management Corporation (NYSE: ARES) (“Ares Management”), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or our “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

 

Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien senior secured loans. In addition to senior secured loans, we also invest in subordinated loans (sometimes referred to as mezzanine debt) and preferred equity.

 

To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.

 

Since our initial public offering (“IPO”) on October 8, 2004 through September 30, 2024, our exited investments resulted in an asset level realized gross internal rate of return to us of approximately 13% (based on original cash invested, net of syndications, of approximately $47.2 billion and total proceeds from such exited investments of approximately $60.4 billion). Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Internal rate of return is gross of expenses related to investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized.

Additionally, since our IPO on October 8, 2004 through September 30, 2024, our realized gains have exceeded our realized losses by approximately $0.9 billion (excluding a one-time gain on the acquisition of Allied Capital Corporation in April 2010 (the “Allied Acquisition”) and realized gains/losses from the extinguishment of debt and other transactions). For the same time period, our average annualized net realized gain rate was approximately 0.8% (excluding a one-time gain on the Allied Acquisition and realized gains/losses from the extinguishment of debt and other transactions). Net realized gain/loss rates for a particular period are the amount of net realized gains/losses during such period divided by the average quarterly investments at amortized cost in such period.

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Information included herein regarding internal rates of return, realized gains and losses and annualized net realized gain rates are historical results relating to our past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies and certain public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.

 

We have elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders generally at least 90% of our investment company taxable income, as defined by the Code, for each year. Pursuant to this election, we generally will not have to pay U.S. federal corporate-level taxes on any income that we distribute to our stockholders provided that we satisfy those requirements.

MACROECONOMIC ENVIRONMENT

During the third quarter of 2024, leveraged corporate credit markets posted positive returns, driven by sustained economic growth, a healthy level of corporate earnings and further stability in the capital markets and U.S. banking system. With easing inflationary measures, the Federal Reserve softened its monetary policies and lowered the federal funds rate in support of its goals of maximum employment and returning inflation to its two percent objective.

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PORTFOLIO AND INVESTMENT ACTIVITY

Our investment activity for the three months ended September 30, 2024 and 2023 is presented below.

			For the Three Months Ended September 30,
(dollar amounts in millions)			2024						2023
New investment commitments(1):
New portfolio companies			$	881					$	827
Existing portfolio companies			3,038						771
Total new investment commitments(2)			$	3,919					$	1,598
Less:
Investment commitments exited(3)			(2,598)						(1,280)
Net investment commitments			$	1,321					$	318
Principal amount of investments funded:
First lien senior secured loans(4)			$	3,009					$	1,014
Second lien senior secured loans			41						32
Subordinated certificates of the SDLP(5)			89						12
Senior subordinated loans			44						76
Preferred equity			17						132
Ivy Hill Asset Management, L.P.(6)			41						122
Other equity			42						32
Total			$	3,283					$	1,420
Principal amount of investments sold or repaid:
First lien senior secured loans(4)			$	1,816					$	631
Second lien senior secured loans			308						174
Subordinated certificates of the SDLP(5)			134						42
Senior subordinated loans			66						142
Preferred equity			154						26
Ivy Hill Asset Management, L.P.(6)			36						264
Other equity			28						22
Total			$	2,542					$	1,301
Number of new investment commitments(7)			74						50
Average new investment commitment amount			$	53					$	32
Weighted average term for new investment commitments (in months)			74						67
Percentage of new investment commitments at floating rates			95		%				84		%
Percentage of new investment commitments at fixed rates			4		%				12		%
Weighted average yield of debt and other income producing securities(8):
Funded during the period at amortized cost			10.3		%				12.6		%
Funded during the period at fair value(9)			10.4		%				12.5		%
Exited or repaid during the period at amortized cost			11.8		%				12.3		%
Exited or repaid during the period at fair value(9)			12.1		%				12.4		%

_______________________________________________________________________________

(1)New investment commitments include new agreements to fund revolving loans or delayed draw loans. See Note 7 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our commitments to fund revolving loans or delayed draw loans.

(2)Includes both funded and unfunded commitments. Of these new investment commitments, we funded $2.7 billion and $1.2 billion for the three months ended September 30, 2024 and 2023, respectively.

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(3)Includes both funded and unfunded commitments. For the three months ended September 30, 2024 and 2023, investment commitments exited included exits of unfunded commitments of $333 million and $230 million, respectively.

(4)For the three months ended September 30, 2024 and 2023, net repayments of first lien secured revolving loans were $55 million and $94 million, respectively.

(5)See “Senior Direct Lending Program” below and Note 4 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on the SDLP (as defined below). 

(6)Includes our subordinated loan and equity investments in IHAM (as defined below), as applicable. See “Ivy Hill Asset Management, L.P.” below and Note 4 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on IHAM.

(7)Number of new investment commitments represents each commitment to a particular portfolio company or a commitment to multiple companies as part of an individual transaction (e.g., the purchase of a portfolio of investments).

(8)“Weighted average yield of debt and other income producing securities” is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end, as applicable), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of our equity investment in IHAM as applicable), as applicable.

(9)Represents fair value for investments in the portfolio as of the most recent prior quarter end, if applicable.

As of September 30, 2024 and December 31, 2023, our investments consisted of the following:

						As of
						September 30, 2024												December 31, 2023
(in millions)						Amortized Cost(1)						Fair Value						Amortized Cost(1)						Fair Value
First lien senior secured loans(2)						$	13,927					$	13,684					$	10,313					$	10,081
Second lien senior secured loans						2,859						2,755						3,980						3,753
Subordinated certificates of the SDLP(3)						1,231						1,159						1,316						1,288
Senior subordinated loans						1,443						1,414						1,150						1,096
Preferred equity						2,666						2,685						2,457						2,460
Ivy Hill Asset Management, L.P.(4)						1,729						1,954						1,763						1,987
Other equity						1,718						2,267						1,689						2,209
Total						$	25,573					$	25,918					$	22,668					$	22,874

_______________________________________________________________________________

(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest or dividends.

(2)First lien senior secured loans include certain loans that we classify as “unitranche” loans. The total amortized cost and fair value of the loans that we classified as “unitranche” loans were $8.1 billion and $8.0 billion, respectively, as of September 30, 2024, and $5.8 billion and $5.7 billion, respectively, as of December 31, 2023.

(3)The proceeds from these certificates were applied to co-investments with Varagon Capital Partners (“Varagon”) and its clients to fund first lien senior secured loans to 19 and 22 different borrowers as of September 30, 2024 and December 31, 2023, respectively.

(4)Includes our subordinated loan and equity investments in IHAM, as applicable.

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We have commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) our discretion. Our commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels). We are also party to subscription agreements to fund equity investments. See Note 7 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our unfunded commitments, including commitments to issue letters of credit, related to certain of our portfolio companies.

The weighted average yields at amortized cost and fair value of the following portions of our portfolio as of September 30, 2024 and December 31, 2023 were as follows:

						As of
						September 30, 2024												December 31, 2023
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Debt and other income producing securities(1)						11.7		%				11.7		%				12.5		%				12.5		%
Total portfolio(2)						10.7		%				10.5		%				11.3		%				11.2		%
First lien senior secured loans(3)						10.6		%				10.8		%				11.7		%				11.9		%
Second lien senior secured loans(3)						12.4		%				12.9		%				12.7		%				13.4		%
Subordinated certificates of the SDLP(3)(6)						12.9		%				13.7		%				13.6		%				13.9		%
Senior subordinated loans(3)						12.3		%				12.6		%				12.5		%				13.1		%
Ivy Hill Asset Management L.P.(4)						16.2		%				14.3		%				15.1		%				13.3		%
Other income producing equity securities(5)						11.2		%				11.0		%				11.3		%				11.2		%

_______________________________________________________________________________

(1)“Weighted average yields on debt and other income producing securities” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of our equity investment in IHAM as applicable), as applicable.

(2)“Weighted average yields on total portfolio” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end), divided by (b) total investments at amortized cost or at fair value, as applicable.

(3)“Weighted average yields” of investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable.

(4)Represents the yield on our equity investment in IHAM, which is computed as (a) the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of our equity investment in IHAM, as applicable.

(5)“Weighted average yield on other income producing equity securities” is computed as (a) the yield earned on the relevant income producing equity securities, divided by (b) the total relevant income producing equity securities at amortized cost or fair value, as applicable.

(6)The proceeds from these certificates were applied to co-investments with Varagon and its clients to fund first lien senior secured loans.

 

Ares Capital Management employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative

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to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grade of a portfolio investment may be reduced or increased over time. The following is a description of each investment grade:

Investment grade						Description
4						Involves the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit.
3						Involves a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3.
2						Indicates that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. For investments graded 2, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.
1						Indicates that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 1, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 1, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit. For investments graded 1, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.

    

Set forth below is the grade distribution of our portfolio companies as of September 30, 2024 and December 31, 2023:

						As of
						September 30, 2024																								December 31, 2023
(dollar amounts in millions)						Fair Value						%						Number of Companies						%						Fair Value						%						Number of Companies						%
Grade 4						$	4,334					16.7		%				58						10.8		%				$	4,222					18.5		%				64						12.7		%
Grade 3						20,853						80.5						428						80.0						17,174						75.1						386						76.4
Grade 2						564						2.2						28						5.3						1,333						5.8						35						6.9
Grade 1						167						0.6						21						3.9						145						0.6						20						4.0
Total						$	25,918					100.0		%				535						100.0		%				$	22,874					100.0		%				505						100.0		%

As of September 30, 2024 and December 31, 2023, the weighted average grade of the investments in our portfolio at fair value was 3.1 and 3.1, respectively.

As of September 30, 2024 and December 31, 2023, loans on non-accrual status represented 1.3% of the total investments at amortized cost (or 0.6% at fair value) and 1.3% at amortized cost (or 0.6% at fair value), respectively.

Ivy Hill Asset Management, L.P.

Ivy Hill Asset Management, L.P. (“IHAM”), our wholly owned portfolio company, is an asset manager and an SEC-registered investment adviser. As of September 30, 2024, IHAM had assets under management of approximately $13.2 billion. As of September 30, 2024, IHAM managed 21 vehicles (the “IHAM Vehicles”). IHAM earns fee income from managing the IHAM Vehicles and has also invested in certain of these vehicles as part of its business strategy. The amortized cost of IHAM’s total investments as of September 30, 2024 and December 31, 2023 was $2,304 million and $2,288 million, respectively. For the three and nine months ended September 30, 2024, IHAM had management and incentive fee income of $13 million and $41 million, respectively, and other investment-related income of $75 million and $266 million, respectively, which included net realized gains or losses on investments and other transactions. For the three and nine months ended September 30, 2023, IHAM had management and incentive fee income of $15 million and $42 million, respectively, and investment-related income of $80 million and $236 million, respectively, which included net realized gains or losses on investments and other transactions.

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 The amortized cost and fair value of our investments in IHAM as of September 30, 2024 and December 31, 2023 were as follows:

			As of
			September 30, 2024												December 31, 2023
(in millions)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Subordinated loan(1)			$	28					$	28					$	62					$	62
Equity			1,701						1,926						1,701						1,925
Total investment in IHAM			$	1,729					$	1,954					$	1,763					$	1,987

_______________________________________________________________________________

(1)We have provided a commitment to fund up to $500 million to IHAM, of which the availability is solely at our discretion.

The interest income and dividend income that we earned from IHAM for the three and nine months ended September 30, 2024 and 2023 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Interest income			$	1					$	5					$	2					$	28
Dividend income			$	69					$	62					$	204					$	179

From time to time, IHAM or certain IHAM Vehicles may purchase investments from, or sell investments to, us. For any such sales or purchases by the IHAM Vehicles to or from us, the IHAM Vehicle must obtain approval from third parties unaffiliated with us or IHAM, as applicable. During the nine months ended September 30, 2024 and 2023, IHAM or certain of the IHAM Vehicles purchased $301 million and $842 million, respectively, of loans from us. For the nine months ended September 30, 2024 and 2023, we recognized $1 million and $12 million, respectively, of net realized losses from these sales. During the nine months ended September 30, 2024 and 2023, IHAM or certain IHAM Vehicles sold $32 million and $26 million, respectively, of investments to us.

The yields at amortized cost and fair value of our investments in IHAM as of September 30, 2024 and December 31, 2023 were as follows:

						As of
						September 30, 2024												December 31, 2023
						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Subordinated loan						11.3		%				11.3		%				12.0		%				12.0		%
Equity(1)						16.2		%				14.3		%				15.1		%				13.3		%

_______________________________________________________________________________

(1)Represents the yield on our equity investment in IHAM, which is computed as (a) the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of our equity investment in IHAM, as applicable.

Selected Financial Information

Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of IHAM, in conformity with U.S. generally accepted accounting principles (“GAAP”), as of and for the three and nine months ended September 30, 2024 and 2023 are presented below.

In conformity with GAAP, IHAM is required to consolidate entities in which IHAM has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model, which include certain of the IHAM Vehicles (the “Consolidated IHAM Vehicles”). As such, for GAAP purposes only, IHAM consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that it concludes are variable interest entities in which IHAM has more than insignificant economic

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interest and power to direct the activities that most significantly impact the entities, and for which IHAM is deemed to be the primary beneficiary.

When IHAM consolidates an IHAM Vehicle for GAAP purposes only, IHAM reflects the assets, liabilities, revenues and expenses of the Consolidated IHAM Vehicles on a gross basis, including the economic interests held by third-party investors in the Consolidated IHAM Vehicles as debt obligations, subordinated notes or non-controlling interests, in the consolidated IHAM financials below. All of the revenues earned by IHAM as the investment manager of the Consolidated IHAM Vehicles are eliminated in GAAP consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the GAAP consolidation of an IHAM Vehicle does not impact the net income or loss attributable to IHAM. As a result, we believe an assessment of IHAM’s business and the impact to our investment in IHAM is best viewed on a stand-alone basis as reflected in the first column in the tables below.

			As of September 30, 2024
(in millions)			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Balance Sheet Information:
Assets
Investments at fair value(2)			$	2,249					$	8,421					$	(2,212)					$	8,458
Cash and cash equivalents			4						831						—						835
Other assets			72						126						(57)						141
Total assets			$	2,325					$	9,378					$	(2,269)					$	9,434
Liabilities
Debt			$	453					$	6,696					$	—					$	7,149
Subordinated note from ARCC			28						—						—						28
Subordinated notes(3)			—						1,242						(927)						315
Other liabilities			11						151						(14)						148
Total liabilities			492						8,089						(941)						7,640
Equity
Contributed capital			1,701						—						—						1,701
Accumulated earnings			188						—						—						188
Net unrealized losses on investments and foreign currency transactions(4)			(56)						—						—						(56)
Non-controlling interests in Consolidated IHAM Vehicles(5)			—						1,289						(1,328)						(39)
Total equity			1,833						1,289						(1,328)						1,794
Total liabilities and equity			$	2,325					$	9,378					$	(2,269)					$	9,434

195

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			As of December 31, 2023
(in millions)			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Balance Sheet Information:
Assets
Investments at fair value(2)			$	2,274					$	9,392					$	(2,265)					$	9,401
Cash and cash equivalents			9						707						—						716
Other assets			70						100						(68)						102
Total assets			$	2,353					$	10,199					$	(2,333)					$	10,219
Liabilities
Debt			$	462					$	7,459					$	—					$	7,921
Subordinated note from ARCC			62						—						—						62
Subordinated notes(3)			—						1,280						(992)						288
Other liabilities			17						189						(16)						190
Total liabilities			541						8,928						(1,008)						8,461
Equity
Contributed capital			1,701						—						—						1,701
Accumulated earnings			126						—						—						126
Net unrealized losses on investments and foreign currency transactions(4)			(15)						—						—						(15)
Non-controlling interests in Consolidated IHAM Vehicles(5)			—						1,271						(1,325)						(54)
Total equity			1,812						1,271						(1,325)						1,758
Total liabilities and equity			$	2,353					$	10,199					$	(2,333)					$	10,219

____________________________________

(1)Consolidated for GAAP purposes only.

(2)The determination of such fair value is determined in accordance with IHAM’s valuation process (separate and apart from our valuation process described elsewhere herein). The amortized cost of IHAM’s total investments as of September 30, 2024 and December 31, 2023 was $2,304 million and $2,288 million, respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of September 30, 2024 and December 31, 2023 was $8,597 million and $9,619 million, respectively.

(3)Subordinated notes generally represent the most junior capital in certain of the Consolidated IHAM Vehicles and effectively represent equity in such vehicles.

(4)As of September 30, 2024 and December 31, 2023, net unrealized losses of $53 million and $13 million, respectively, have been eliminated upon consolidation and the elimination is included in “non-controlling interests in Consolidated IHAM Vehicles” in the selected balance sheet information.

(5)Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $139 million and $221 million as of September 30, 2024 and December 31, 2023, respectively.

196

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			For the Three Months Ended September 30, 2024
(in millions)			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Statement of Operations Information:
Revenues
Investment income			$	77					$	251					$	(75)					$	253
Management fees and other income			13						2						(12)						3
Total revenues			90						253						(87)						256
Expenses
Interest expense			10						139						—						149
Distributions to subordinated notes			—						49						(37)						12
Management fees and other expenses			4						14						(12)						6
Total expenses			14						202						(49)						167
Net operating income			76						51						(38)						89
Net realized losses on investments and foreign currency			(2)						(39)						2						(39)
Net unrealized (losses) gains on investments, foreign currency and other transactions			(8)						41						10						43
Total net realized and unrealized (losses) gains on investments, foreign currency and other transactions			(10)						2						12						4
Net income			66						53						(26)						93
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles			—						53						(26)						27
Net income attributable to Ivy Hill Asset Management, L.P.			$	66					$	—					$	—					$	66

			For the Nine Months Ended September 30, 2024
(in millions)			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Statement of Operations Information:
Revenues
Investment income			$	263					$	784					$	(257)					$	790
Management fees and other income			41						8						(38)						11
Total revenues			304						792						(295)						801
Expenses
Interest expense			30						432						—						462
Distributions to subordinated notes			—						154						(114)						40
Management fees and other expenses			11						47						(38)						20
Total expenses			41						633						(152)						522
Net operating income			263						159						(143)						279
Net realized gains (losses) on investments and foreign currency			3						(113)						(7)						(117)
Net realized loss on extinguishment of debt			—						(1)						—						(1)
Net unrealized (losses) gains on investments, foreign currency and other transactions			(41)						88						40						87
Total net realized and unrealized (losses) gains on investments, foreign currency and other transactions			(38)						(26)						33						(31)
Net income			225						133						(110)						248
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles			—						133						(110)						23
Net income attributable to Ivy Hill Asset Management, L.P.			$	225					$	—					$	—					$	225

197

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			For the Three Months Ended September 30, 2023
(in millions)			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Statement of Operations Information:
Revenues
Investment income			$	87					$	285					$	(87)					$	285
Management fees and other income			15						3						(14)						4
Total revenues			102						288						(101)						289
Expenses
Interest expense			15						152						—						167
Distributions to subordinated notes			—						52						(40)						12
Management fees and other expenses			3						19						(14)						8
Total expenses			18						223						(54)						187
Net operating income			84						65						(47)						102
Net realized losses on investments and other transactions			(7)						(16)						8						(15)
Net unrealized gains on investments and other transactions			2						46						(4)						44
Total net realized and unrealized (losses) gains on investments and other transactions			(5)						30						4						29
Net income			79						95						(43)						131
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles			—						95						(43)						52
Net income attributable to Ivy Hill Asset Management, L.P.			$	79					$	—					$	—					$	79

			For the Nine Months Ended September 30, 2023
(in millions)			IHAM						Consolidated IHAM Vehicles(1)						Eliminations						Consolidated
Selected Statement of Operations Information:
Revenues
Investment income			$	253					$	813					$	(251)					$	815
Management fees and other income			42						6						(40)						8
Total revenues			295						819						(291)						823
Expenses
Interest expense			50						424						—						474
Distributions to subordinated notes			—						141						(110)						31
Management fees and other expenses			11						55						(40)						26
Total expenses			61						620						(150)						531
Net operating income			234						199						(141)						292
Net realized losses on investments and other transactions			(17)						(26)						8						(35)
Net unrealized gains on investments and other transactions			19						76						(23)						72
Total net realized and unrealized gains on investments and other transactions			2						50						(15)						37
Net income			236						249						(156)						329
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles			—						249						(156)						93
Net income attributable to Ivy Hill Asset Management, L.P.			$	236					$	—					$	—					$	236

____________________________________

(1)Consolidated for GAAP purposes only.

198

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Senior Direct Lending Program

We have established a joint venture with Varagon to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. The joint venture is called the Senior Direct Lending Program, LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). In July 2016, we and Varagon and its clients completed the initial funding of the SDLP. The SDLP may generally commit and hold individual loans of up to $450 million. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of ours and Varagon (with approval from a representative of each required).

We provide capital to the SDLP in the form of subordinated certificates (the “SDLP Certificates”), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. As of September 30, 2024 and December 31, 2023, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates.

As of September 30, 2024 and December 31, 2023, we and Varagon and its clients had agreed to make capital available to the SDLP of $6.2 billion and $6.2 billion, respectively, in the aggregate, of which $1.4 billion and $1.4 billion, respectively, is to be made available from us. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP. Below is a summary of the funded capital and unfunded capital commitments of the SDLP.

						As of
(in millions)						September 30, 2024						December 31, 2023
Total capital funded to the SDLP(1)						$	4,900					$	5,361
Total capital funded to the SDLP by the Company(1)						$	1,274					$	1,328
Total unfunded capital commitments to the SDLP(2)						$	291					$	260
Total unfunded capital commitments to the SDLP by the Company(2)						$	68					$	60

___________________________________________________________________________

(1) At principal amount.

(2)These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.

The SDLP Certificates pay a coupon equal to Secured Overnight Financing Rate (“SOFR”) plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes.

The amortized cost and fair value of our SDLP Certificates and our yield on our investment in the SDLP Certificates at amortized cost and fair value as of September 30, 2024 and December 31, 2023 were as follows:

			As of
			September 30, 2024												December 31, 2023
(dollar amounts in millions)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Investment in the SDLP Certificates			$	1,231					$	1,159					$	1,316					$	1,288
Yield on the investment in the SDLP Certificates			12.9		%				13.7		%				13.6		%				13.9		%

The interest income from our investment in the SDLP Certificates and capital structuring service fees and other income earned for the three and nine months ended September 30, 2024 and 2023 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Interest income			$	43					$	43					$	131					$	129
Capital structuring service fees and other income			$	4					$	1					$	9					$	8

199

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As of September 30, 2024 and December 31, 2023, the SDLP portfolio was comprised entirely of first lien senior secured loans primarily to U.S. middle-market companies and were in industries similar to the companies in our portfolio. As of September 30, 2024 and December 31, 2023, one of the loans was on non-accrual status. Below is a summary of the SDLP’s portfolio as of September 30, 2024 and December 31, 2023:

						As of
(dollar amounts in millions)						September 30, 2024						December 31, 2023
Total first lien senior secured loans(1)(2)						$	4,889					$	5,431
Weighted average yield on first lien senior secured loans(3)						10.0		%				10.4		%
Largest loan to a single borrower(1)						$	367					$	370
Total of five largest loans to borrowers(1)						$	1,686					$	1,650
Number of borrowers in the SDLP						19						22
Commitments to fund delayed draw loans(4)						$	291					$	260

_______________________________________________________________________________

(1)At principal amount.

(2)First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of September 30, 2024 and December 31, 2023, the total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was $4,181 million and $4,558 million, respectively.

(3) Computed as (a) the annual stated interest rate on accruing first lien senior secured loans, divided by (b) total first lien senior secured loans at principal amount.

(4)As discussed above, these commitments have been approved by the investment committee of the SDLP.

Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of the SDLP, in conformity with GAAP, as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023 are presented below:

			As of
(in millions)			September 30, 2024						December 31, 2023
Selected Balance Sheet Information:
Investments at fair value (amortized cost of $4,724 and $5,267, respectively)			$	4,581					$	5,129
Other assets			169						192
Total assets			$	4,750					$	5,321
Senior notes			$	3,319					$	3,705
Intermediate funding notes			125						139
Other liabilities			130						136
Total liabilities			3,574						3,980
Subordinated certificates and members’ capital			1,176						1,341
Total liabilities and members’ capital			$	4,750					$	5,321

200

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			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Selected Statement of Operations Information:
Total investment income			$	137					$	145					$	420					$	421
Interest expense			74						76						228						217
Other expenses			5						7						13						19
Total expenses			79						83						241						236
Net investment income			58						62						179						185
Net realized and unrealized (losses) gains on investments			(25)						6						(97)						(79)
Net increase in members’ capital resulting from operations			$	33					$	68					$	82					$	106

201

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SDLP Loan Portfolio as of September 30, 2024

(dollar amounts in millions) Portfolio Company						Business Description						Maturity Date						Stated Interest Rate(1)						Principal Amount						Fair Value(2)
Arrowhead Holdco Company (3)(4)						Distributor of non-discretionary, mission-critical aftermarket replacement parts						08/2028						10.5		%				$	277.6					$	247.1
Center for Autism and Related Disorders, LLC (3)(5)						Autism treatment and services provider specializing in applied behavior analysis therapy						11/2024												164.3						—
Concert Golf Partners Holdco LLC (3)						Golf club owner and operator						04/2030						9.6		%				279.7						279.7
FS Squared Holding Corp. (3)(4)						Provider of on-site vending and micro market solutions						03/2026						10.3		%				320.8						320.8
Harvey Tool Company, LLC (3)						Manufacturer of cutting tools used in the metalworking industry						10/2027						10.3		%				268.1						268.1
HGC Holdings, LLC (3)						Operator of golf facilities						06/2026						10.1		%				360.1						360.1
ISQ Hawkeye Holdco, Inc. (3)(4)						Provider of commercial and industrial waste processing and disposal services						08/2031						9.6		%				309.2						309.2
Manna Pro Products, LLC (3)						Manufacturer and supplier of specialty nutrition and care products for animals						12/2026						10.9		%				265.5						223.0
NMN Holdings III Corp. (3)(4)						Provider of complex rehabilitation technology solutions for patients with mobility loss						07/2031						9.3		%				229.5						227.2
North Haven Falcon Buyer, LLC (3)(4)						Manufacturer of aftermarket golf cart parts and accessories						05/2027						8.1		%				234.3						185.1
Penn Power Group LLC						Distributor of aftermarket parts to the heavy-duty truck industry						12/2027						10.7		%				32.9						32.9
Precinmac (US) Holdings Inc. and Trimaster Manufacturing Inc. (3)(4)						Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry						08/2027						10.9		%				254.1						254.1
Pritchard Industries, LLC (3)(4)						Provider of janitorial and facilities management services						10/2027						10.7		%				243.3						238.4
Qnnect, LLC (3)(4)						Manufacturer of highly engineered hermetic packaging products						11/2029						11.8		%				276.3						276.3
SePro Holdings, LLC (3)						Provider of specialty chemicals for aquatics, turf and ornamental horticulture						07/2030						10.5		%				118.6						116.2
THG Acquisition, LLC (3)						Multi-line insurance broker						12/2026						10.7		%				323.9						323.9
Triwizard Holdings, Inc. (4)						Parking management and hospitality services provider						06/2029						10.1		%				248.6						248.4
Valcourt Holdings II, LLC (3)						Provider of window cleaning and building facade maintenance and restoration services						11/2029						11.0		%				314.4						314.4
Walnut Parent, Inc. (3)						Manufacturer of natural solution pest and animal control products						11/2027						10.4		%				367.3						356.3
																								$	4,888.5					$	4,581.2

____________________________________________________________________________

(1)Represents the weighted average annual stated interest rate as of September 30, 2024. All interest rates are payable in cash, except for portions of the stated interest rates which are PIK for investments in Arrowhead Holdco Company.

(2)Represents the fair value in accordance with Accounting Standards Codification 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”). The determination of such fair value is not included in our valuation process described elsewhere herein.

(3)We also hold a portion of this company’s first lien senior secured loan.

(4)We hold an equity investment in this company.

(5)Loan was on non-accrual status as of September 30, 2024.

202

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SDLP Loan Portfolio as of December 31, 2023

(dollar amounts in millions) Portfolio Company						Business Description						Maturity Date						Stated Interest Rate(1)						Principal Amount						Fair Value(2)
Arrowhead Holdco Company (3)(4)						Distributor of non-discretionary, mission-critical aftermarket replacement parts						08/2028						10.0		%				$	271.6					$	244.4
Benecon Midco II LLC (3)(4)						Employee benefits provider for small and mid-size employers						12/2026						10.7		%				170.2						170.2
Center for Autism and Related Disorders, LLC (3)(5)						Autism treatment and services provider specializing in applied behavior analysis therapy						11/2024												164.3						—
Concert Golf Partners Holdco LLC (3)						Golf club owner and operator						04/2029						11.2		%				273.5						273.5
Emergency Communications Network, LLC (3)						Provider of mission critical emergency mass notification solutions						06/2024						14.1		%				252.3						219.5
Excelligence Holdings Corp. (3)						Developer, manufacturer and retailer of educational products						01/2024						11.5		%				145.4						145.4
FS Squared Holding Corp. (3)(4)						Provider of on-site vending and micro market solutions						03/2025						10.8		%				323.3						323.3
Harvey Tool Company, LLC (3)						Manufacturer of cutting tools used in the metalworking industry						10/2027						11.0		%				256.6						254.0
HGC Holdings, LLC (3)						Operator of golf facilities						06/2026						11.2		%				232.0						232.0
ISQ Hawkeye Holdco, Inc. (3)(4)						Provider of commercial and industrial waste processing and disposal services						08/2029						11.4		%				295.6						295.6
Manna Pro Products, LLC (3)						Manufacturer and supplier of specialty nutrition and care products for animals						12/2026						11.5		%				267.5						251.5
NCWS Intermediate, Inc. (3)(4)						Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market						12/2026						11.6		%				279.7						279.7
North Haven Falcon Buyer, LLC (3)(4)						Manufacturer of aftermarket golf cart parts and accessories						05/2027						13.5		%				224.5						181.8
Pegasus Global Enterprise Holdings, LLC (3)(4)						Provider of plant maintenance and scheduling software						05/2025						10.7		%				334.9						334.9
Penn Detroit Diesel Allison, LLC						Distributor of aftermarket parts to the heavy-duty truck industry						12/2027						11.7		%				32.9						32.9
Precinmac (US) Holdings Inc. and Trimaster Manufacturing Inc. (3)(4)						Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry						08/2027						11.5		%				256.1						253.5
Pritchard Industries, LLC (3)(4)						Provider of janitorial and facilities management services						10/2027						11.0		%				245.2						240.3
Qnnect, LLC (3)(4)						Manufacturer of highly engineered hermetic packaging products						11/2029						12.4		%				278.3						278.3
THG Acquisition, LLC (3)						Multi-line insurance broker						12/2026						11.2		%				325.5						325.3
Triwizard Holdings, Inc. (4)						Parking management and hospitality services provider						06/2029						11.7		%				169.2						169.2
Valcourt Holdings II, LLC (3)						Provider of window cleaning and building facade maintenance and restoration services						11/2029						11.3		%				262.5						257.3
Walnut Parent, Inc. (3)						Manufacturer of natural solution pest and animal control products						11/2027						11.0		%				370.2						366.5
																								$	5,431.3					$	5,129.1

____________________________________________________________________________

(1)Represents the weighted average annual stated interest rate as of December 31, 2023. All interest rates are payable in cash, except for portions of the stated interest rates which are PIK for investments in Emergency Communications Network, LLC and North Haven Falcon Buyer, LLC.

(2)Represents the fair value in accordance with ASC 820-10. The determination of such fair value is not included in our valuation process described elsewhere herein.

(3)We also hold a portion of this company’s first lien senior secured loan.

(4)We hold an equity investment in this company.

(5)Loan was on non-accrual status as of December 31, 2023.

203

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RESULTS OF OPERATIONS

For the three and nine months ended September 30, 2024 and 2023

Operating results for the three and nine months ended September 30, 2024 and 2023 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Total investment income			$	775					$	655					$	2,231					$	1,907
Total expenses			402						363						1,127						975
Net investment income before income taxes			373						292						1,104						932
Income tax expense, including excise tax			12						3						60						11
Net investment income			361						289						1,044						921
Net realized losses on investments, foreign currency and other transactions			(24)						(76)						(30)						(207)
Net unrealized gains on investments, foreign currency and other transactions			57						287						165						395
Realized loss on extinguishment of debt			—						—						(14)						—
Net increase in stockholders’ equity resulting from operations			$	394					$	500					$	1,165					$	1,109

Net income can vary substantially from period to period due to various factors, including acquisitions, the level of new investment commitments, the level of base interest rates and the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net increase in stockholders’ equity resulting from operations may not be meaningful.

Investment Income

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Interest income from investments			$	568					$	495					$	1,620					$	1,441
Capital structuring service fees			38						20						124						51
Dividend income			151						128						441						372
Other income			18						12						46						43
Total investment income			$	775					$	655					$	2,231					$	1,907

Interest income from investments for the three months ended September 30, 2024 increased from the comparable period in 2023 primarily as a result of the increase in the average size of our portfolio. The weighted average yield on our portfolio for the three months ended September 30, 2024 remained largely consistent with the comparable period in 2023. Interest income from investments for the nine months ended September 30, 2024 increased from the comparable period in 2023 primarily due to the increase in the average size of our portfolio as well as the impact of higher interest rates. The average size and weighted average yield of our portfolio at amortized cost for the three and nine months ended September 30, 2024 and 2023 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(dollar amounts in millions)			2024						2023						2024						2023
Average size of portfolio(1)			$	25,141					$	21,775					$	23,878					$	21,690
Weighted average yield on portfolio			11.3		%				11.3		%				11.4		%				11.1		%

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(1)    Includes non-interest earning investments.

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Capital structuring service fees for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to an increase in new investment commitments. The lower weighted average capital structuring service fee percentage during the three and nine months ended September 30, 2024 was primarily due to a higher percentage of new investment commitments to existing portfolio companies, which generally resulted in lower fee opportunities as compared to the comparable periods in 2023. The new investment commitments and weighted average capital structuring service fee percentages for the three and nine months ended September 30, 2024 and 2023 were as follows:

			截至9月30日的三个月内，												截至9月30日的九个月内，
（美金金额以百万计）			2024						2023						2024						2023
新投资承诺（1）			$	3,209					$	1,347					$	8,762					$	2,889
加权平均资本结构服务费百分比（1）			1.2		%				1.5		%				1.4		%				1.8		%

_______________________________________________________________________________

(1)不包括截至2024年9月30日和2023年9月30日的三个月内分别出售给第三方贷方的6.69亿美金和1.29亿美金的新投资承诺，以及截至2024年9月30日和2023年9月30日的九个月内分别出售给第三方贷方的22.55亿美金和2.89亿美金。不包括截至2024年9月30日的三个月和九个月分别出售给IHAm的4100加元和30400加元的投资承诺，以及2023年可比期间分别为12200加元和40500加元的投资承诺。

截至2024年和2023年9月30日止三个月和九个月的股息收入如下：

			截至9月30日的三个月内，												截至9月30日的九个月内，
(in数百万）			2024						2023						2024						2023
从IHAM收到的股息收入			$	69					$	62					$	204					$	179
经常性股息收入			77						62						216						172
非经常性股息收入			5						4						21						21
股息收入总额			$	151					$	128					$	441					$	372

截至2024年9月30日止三个月和九个月从IHAm收到的股息收入较2023年同期有所增加，主要是由于利率上升导致IHAm车辆的收益增加。截至2024年9月30日的三个月和九个月的经常性股息收入较2023年同期有所增加，主要是由于优先股权投资收益率增加。

    

业务费用

			截至9月30日的三个月内，												截至9月30日的九个月内，
(in数百万）			2024						2023						2024						2023
利息和信贷设施费用			$	195					$	145					$	528					$	425
基本管理费			96						81						274						239
基于收入的费用			92						83						273						238
资本利得激励费（1）			7						42						19						40
行政费用和其他费用			3						4						9						10
其他一般和行政			9						8						24						23
总支出			$	402					$	363					$	1,127					$	975

_______________________________________________________________________________

                        

(1)根据下文讨论的GAAP计算。

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截至2024年和2023年9月30日止三个月和九个月的利息和信贷融资费用包括以下费用：

			截至9月30日的三个月内，												截至9月30日的九个月内，
(in数百万）			2024						2023						2024						2023
既定利息费用（1）			$	183					$	133					$	490					$	389
信贷设施费用			5						5						18						16
债务发行成本摊销			9						8						25						23
应付票据溢价净摊销			(2)						(1)						(5)						(3)
利息和信贷设施费用总额			$	195					$	145					$	528					$	425

________________________________________

(1)Includes the impact of the interest rate swaps for the three and nine months ended September 30, 2024 and 2023.

Stated interest expense for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to the increase in the average principal amount of debt outstanding and the impact of higher interest rates on our floating debt obligations. Average debt outstanding and weighted average stated interest rate on our debt outstanding for the three and nine months ended September 30, 2024 and 2023 were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(dollar amounts in millions)			2024						2023						2024						2023
Average debt outstanding			$	13,470					$	11,373					$	12,656					$	11,429
Weighted average stated interest rate on debt outstanding(1)			5.4		%				4.7		%				5.1		%				4.5		%

________________________________________

(1)The weighted average stated interest rate on our debt outstanding for the three and nine months ended September 30, 2024 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2024, for more information on the interest rate swaps.

The base management fee for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to the increase in the average size of our portfolio.

The income based fee for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to the pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the three and nine months ended September 30, 2024 being higher than in the comparable periods in 2023.

For the three and nine months ended September 30, 2024, the capital gains incentive fee calculated in accordance with GAAP was $7 million and $19 million, respectively, compared to $42 million and $40 million, respectively, in the comparable periods in 2023. The capital gains incentive fee accrual for the nine months ended September 30, 2024 changed from the comparable period in 2023 primarily due to net gains on investments, foreign currency, other transactions and the extinguishment of debt of $121 million compared to net gains of $188 million for the comparable period in 2023. The capital gains incentive fee accrued under GAAP includes an accrual related to unrealized capital appreciation, whereas the capital gains incentive fee actually payable under our investment advisory and management agreement does not. There can be no assurance that such unrealized capital appreciation will be realized in the future. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. As of September 30, 2024, there was $106 million of capital gains incentive fee accrued in accordance with GAAP. As of September 30, 2024, there was no capital gains incentive fee actually payable under our investment advisory and management agreement. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2024, for more information on the base management fee, income based fee and capital gains incentive fee.

 

Cash payment of any income based fee and capital gains incentive fee otherwise earned by our investment adviser is deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to our stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking into account any income based fee and capital gains incentive fee payable during the period) is

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less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any income based fee and capital gains incentive fee deferred for payment are carried over for payment in subsequent calculation periods to the extent such fees are payable under the terms of the investment advisory and management agreement. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2024, for more information on the related deferral terms.

Administrative and other fees represent fees paid to Ares Operations and our investment adviser for our allocable portion of overhead and other expenses incurred by Ares Operations and our investment adviser in performing their obligations under the administration agreement and the investment advisory and management agreement, respectively, including our allocable portion of the compensation, rent and other expenses of certain of our corporate officers and their respective staffs. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2024, for more information on the administrative and other fees.

Other general and administrative expenses include, among other costs, professional fees, insurance, fees and expenses related to evaluating and making investments in portfolio companies and independent directors’ fees.

Income Tax Expense, Including Excise Tax

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders at least 90% of our investment company taxable income, as defined by the Code, for each year. We have made and intend to continue to make the requisite distributions to our stockholders which will generally relieve us from U.S. federal corporate-level income taxes.

 

Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three and nine months ended September 30, 2024, we recorded a net expense of $7 million and $24 million, respectively, for U.S. federal excise tax. For the three and nine months ended September 30, 2023, we recorded an expense of $2 million and $17 million, respectively, for U.S. federal excise tax.

Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes. For the three and nine months ended September 30, 2024, we recorded a net tax expense of $5 million and $37 million, respectively, for these subsidiaries. For the three and nine months ended September 30, 2023, we recorded a net tax expense (benefit) of $1 million and $(6) million, respectively, for these subsidiaries. The income tax expense for our taxable consolidated subsidiaries will vary depending on the level of realized gains from the exits of investments held by such taxable subsidiaries during the respective periods.

Net Realized Gains/Losses

The net realized gains (losses) from the sales, repayments or exits of investments during the three and nine months ended September 30, 2024 and 2023 were comprised of the following:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Sales, repayments or exits of investments(1)			$	2,514					$	1,223					$	4,005					$	4,075
Net realized gains (losses) on investments:
Gross realized gains			$	72					$	22					$	276					$	89
Gross realized losses			(91)						(94)						(301)						(249)
Total net realized losses on investments			$	(19)					$	(72)					$	(25)					$	(160)

_______________________________________________________________________________

(1)Includes $266 million and $301 million of loans sold to IHAM and certain vehicles managed by IHAM during the three and nine months ended September 30, 2024, respectively, and $151 million and $842 million during the comparable periods in 2023, respectively. There were no net realized gains (losses) on these transaction with IHAM during the three months ended September 30, 2024. Net realized losses of $1 million were recorded on these

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transactions with IHAM during the nine months ended September 30, 2024. Net realized losses of $1 million and $12 million were recorded on these transactions with IHAM during the three and nine months ended September 30, 2023, respectively. See Note 4 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on IHAM and its managed vehicles.

The net realized losses on investments during the three months ended September 30, 2024 consisted of the following:

(in millions) Portfolio Company						Net Realized Gains (Losses)
Pegasus Global Enterprise Holdings, LLC						$	20
RF HP SCF Investor, LLC						19
Emergency Communications Network, LLC						(22)
Pluralsight, Inc.						(60)
Other, net						24
Total						$	(19)

During the three months ended September 30, 2024, we also recognized net realized losses on foreign currency and other transactions of $5 million.

The net realized losses on investments during the three months ended September 30, 2023 consisted of the following:

(in millions) Portfolio Company						Net Realized Gains (Losses)
Benefytt Technologies, Inc.						$	(17)
JDC Healthcare Management, LLC						(20)
Visual Edge Technology, Inc.						(47)
Other, net						12
Total						$	(72)

During the three months ended September 30, 2023, we also recognized net realized losses on foreign currency and other transactions of $4 million.

The net realized losses on investments during the nine months ended September 30, 2024 consisted of the following:

(in millions) Portfolio Company						Net Realized Gains (Losses)
Heelstone Renewable Energy, LLC						$	146
Benecon Midco II LLC						24
Pegasus Global Enterprise Holdings, LLC						20
RF HP SCF Investor, LLC						19
Kellermeyer Bergensons Services, LLC						(11)
SVP-Singer Holdings Inc.						(19)
OTG Management, LLC						(20)
SSE Buyer, Inc.						(21)
Emergency Communications Network, LLC						(22)
Pluralsight, Inc.						(60)
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.						(119)
Other, net						38
Total						$	(25)

During the nine months ended September 30, 2024, we also recognized net realized losses on foreign currency and

other transactions of $5 million.

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During the nine months ended September 30, 2024, we repaid in full the 2024 Convertible Notes (as defined below) upon their maturity with a combination of cash and shares of our common stock, resulting in a realized loss on extinguishment of debt of approximately $14 million.

The net realized losses on investments during the nine months ended September 30, 2023 consisted of the following:

(in millions) Portfolio Company						Net Realized Gains (Losses)
Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L.						$	18
DFC Global Facility Borrower III LLC						(12)
Benefytt Technologies, Inc.						(17)
JDC Healthcare Management, LLC						(20)
Visual Edge Technology, Inc.						(48)
National College of Business and Technology Inc. & Leeds IV Advisors, Inc.						(48)
ADG, LLC						(83)
Other, net						50
Total						$	(160)

During the nine months ended September 30, 2023, we also recognized net realized losses on foreign currency and other transactions of $47 million.

Net Unrealized Gains/Losses

We value our portfolio investments at least quarterly and the changes in value are recorded as unrealized gains or losses in our consolidated statement of operations. Net unrealized gains and losses on investments for the three and nine months ended September 30, 2024 and 2023, were comprised of the following:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Unrealized appreciation			$	306					$	307					$	667					$	576
Unrealized depreciation			(257)						(143)						(516)						(396)
Net unrealized depreciation reversed related to net realized gains or losses(1)			25						96						11						162
Total net unrealized gains on investments			$	74					$	260					$	162					$	342

_______________________________________________________________________________

(1)The net unrealized depreciation reversed related to net realized gains or losses represents the unrealized appreciation or depreciation recorded on the related asset at the end of the prior periods.

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The changes in net unrealized appreciation and depreciation on investments during the three months ended September 30, 2024 consisted of the following:

(in millions) Portfolio Company						Net Unrealized Appreciation (Depreciation)
Potomac Intermediate Holdings II LLC						$	67
Apex Clean Energy TopCo, LLC						20
High Street Buyer, Inc. and High Street Holdco LLC						14
Cloud Software Group, Inc.						13
Redwood Services, LLC						12
VPROP Operating, LLC and V SandCo, LLC						(11)
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.						(12)
Production Resource Group, L.L.C.						(12)
ADG, LLC						(16)
Vobev, LLC and Vobev Holdings, LLC						(20)
Senior Direct Lending Program, LLC						(42)
Other, net						36
Total						$	49

During the three months ended September 30, 2024, we also recognized net unrealized losses on foreign currency and other transactions of $17 million.

The changes in net unrealized appreciation and depreciation on investments during the three months ended September 30, 2023 consisted of the following:

(in millions) Portfolio Company						Net Unrealized Appreciation (Depreciation)
Global Medical Response, Inc. and GMR Buyer Corp.						$	19
Storm Investment S.a.r.l.						16
Centric Brands LLC and Centric Brands GP LLC						13
Ivy Hill Asset Management, L.P.						11
Neptune Bidco US Inc.						11
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.						(19)
Other, net						113
Total						$	164

During the three months ended September 30, 2023, we also recognized net unrealized gains on foreign currency and other transactions of $27 million.

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The changes in net unrealized appreciation and depreciation on investments during the nine months ended September 30, 2024 consisted of the following:

(in millions) Portfolio Company						Net Unrealized Appreciation (Depreciation)
Potomac Intermediate Holdings II LLC						$	105
Redwood Services, LLC						36
SageSure Holdings, LLC						34
Apex Clean Energy TopCo, LLC						30
Global Medical Response, Inc. and GMR Buyer Corp.						29
Cloud Software Group, Inc.						26
Centric Brands LLC						21
High Street Buyer, Inc. and High Street Holdco LLC						16
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP						15
Bragg Live Food Products, LLC						14
Neptune Bidco US Inc.						14
GHX Ultimate Parent Corporation						13
Silk Holdings III Corp. and Silk Holdings I Corp.						12
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.						11
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP						11
VPROP Operating, LLC and V SandCo, LLC						(11)
Project Potter Buyer, LLC and Project Potter Parent, L.P.						(11)
American Seafoods Group LLC and American Seafoods Partners LLC						(12)
PS Operating Company LLC						(12)
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.						(15)
ADG, LLC						(19)
Production Resource Group, L.L.C.						(28)
Vobev, LLC and Vobev Holdings, LLC						(28)
H-Food Holdings, LLC						(37)
Senior Direct Lending Program, LLC						(44)
Other, net						(19)
Total						$	151

During the nine months ended September 30, 2024, we also recognized net unrealized gains on foreign currency and other transactions of $3 million.

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The changes in net unrealized appreciation and depreciation on investments during the nine months ended September 30, 2023 consisted of the following:

(in millions) Portfolio Company						Net Unrealized Appreciation (Depreciation)
Ivy Hill Asset Management, L.P.						$	41
Heelstone Renewable Energy, LLC						31
Cloud Software Group, Inc.						25
Storm Investment S.a.r.l.						21
Cornerstone OnDemand, Inc.						13
Production Resource Group, L.L.C.						12
Benecon Midco II LLC						12
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP						12
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.						11
Daylight Beta Parent LLC and CFCo, LLC						(12)
GPM Investments, LLC and ARKO Corp.						(12)
Senior Direct Lending Program, LLC						(18)
Center for Autism and Related Disorders, LLC						(19)
Potomac Intermediate Holdings II LLC						(19)
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.						(36)
Other, net						118
Total						$	180

During the nine months ended September 30, 2023, we also recognized net unrealized gains on foreign currency and other transactions of $53 million.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are generated primarily from the net proceeds of public offerings of equity and debt securities, advances from our credit facilities (the Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility (each as defined below, and together, the “Facilities”)), net proceeds from the issuance of other securities, including unsecured notes and debt securitizations, as well as cash flows from operations.

In accordance with the Investment Company Act, we are allowed to borrow amounts such that our asset coverage, calculated pursuant to the Investment Company Act, is at least 150% after such borrowings (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). As of September 30, 2024, we had $486 million in cash and cash equivalents and $13.5 billion in total aggregate principal amount of debt outstanding ($13.5 billion at carrying value) and our asset coverage was 195%. Subject to borrowing base and other restrictions, we had approximately $4.5 billion available for additional borrowings under the Facilities as of September 30, 2024.

 

We may from time to time seek to retire or repurchase our common stock through cash purchases, as well as retire, cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of common stock or outstanding debt, or incurrence or issuance of additional debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

Equity Capital Activities

As of September 30, 2024 and December 31, 2023, our total equity market capitalization was $13.5 billion and $11.7 billion, respectively.

    

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We may from time to time issue and sell shares of our common stock through public or “at the market” offerings. In connection with the issuance of our common stock, we issued and sold the following shares of common stock during the nine months ended September 30, 2024:

(in millions, except per share amount) Issuances of Common Stock			Number of Shares Issued						Gross Proceeds						Underwriting Fees/Offering Expenses						Net Proceeds						Average Offering Price Per Share(1)
“At the market” offerings			40.6						$	844.0					$	8.8					$	835.2					$	20.81
Total			40.6						$	844.0					$	8.8					$	835.2

________________________________________

(1)    Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.

“At the Market” Offerings

We are a party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that we may from time to time issue and sell, by means of “at the market” offerings, up to $1.0 billion of our common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the “Securities Act”). Under the currently effective Equity Distribution Agreements, common stock with an aggregate offering amount of $695 million remained available for issuance as of September 30, 2024.

Conversion of the 2024 Convertible Notes

In March 2024, in connection with the repayment of the 2024 Convertible Notes, we issued approximately 20 million shares of our common stock at a conversion price of $20.12 per share for a total value of $407 million. See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information relating to the repayment of the 2024 Convertible Notes.

Dividend Reinvestment Plan

See Note 11 to our consolidated financial statements for the three and nine months ended September 30, 2024 for information regarding shares of common stock issued or purchased in accordance with our dividend reinvestment plan.

Stock Repurchase Program

We are authorized under our stock repurchase program to purchase up to $1.0 billion in the aggregate of our outstanding common stock in the open market at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, we cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of September 30, 2024, the expiration date of the stock repurchase program was February 15, 2025. The program may be suspended, extended, modified or discontinued at any time. As of September 30, 2024, there was $1.0 billion available for additional repurchases under the program.

 

During the nine months ended September 30, 2024 and 2023, we did not repurchase any shares of our common stock in the open market under the stock repurchase program.

Price Range of Common Stock

The following table sets forth, for the first three quarters of the year ending December 31, 2024 and each fiscal quarter for the fiscal years ended December 31, 2023 and 2022, the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock, the closing sales price as a premium (discount) to net asset value and the dividends or distributions declared by us. On October 24, 2024, the last reported closing sales price of our common stock on the

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NASDAQ Global Select Market was $21.67 per share, which represented a premium of approximately 9.61% to the net asset value per share reported by us as of September 30, 2024.

			Net Asset						Price Range												High Sales Price Premium (Discount) to Net Asset						Low Sales Price Premium (Discount) to Net Asset						Cash Dividend Per
			Value(1)						High						Low						Value(2)						Value(2)						Share(3)
Year ended December 31, 2022
First Quarter			$	19.03					$	22.58					$	19.70					18.65		%				3.52		%				$	0.54		(4)
Second Quarter			$	18.81					$	22.44					$	17.12					19.30		%				(8.98)		%				$	0.42
Third Quarter			$	18.56					$	20.70					$	16.84					11.53		%				(9.27)		%				$	0.43
Fourth Quarter			$	18.40					$	19.76					$	17.30					7.39		%				(5.98)		%				$	0.48
Year ended December 31, 2023
First Quarter			$	18.45					$	20.04					$	17.19					8.62		%				(6.83)		%				$	0.48
Second Quarter			$	18.58					$	19.11					$	17.65					2.85		%				(5.01)		%				$	0.48
Third Quarter			$	18.99					$	19.81					$	18.86					4.32		%				(0.68)		%				$	0.48
Fourth Quarter			$	19.24					$	20.21					$	18.66					5.04		%				(3.01)		%				$	0.48
Year ended December 31, 2024
First Quarter			$	19.53					$	20.82					$	19.94					6.61		%				2.10		%				$	0.48
Second Quarter			$	19.61					$	21.58					$	20.24					10.05		%				3.21		%				$	0.48
Third Quarter			$	19.77					$	21.28					$	19.80					7.64		%				0.15		%				$	0.48

_______________________________________________________________________________

(1)Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.

(2)Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).

(3)Represents the dividend or distribution declared in the relevant quarter.

(4)Consists of a quarterly dividend of $0.42 per share and additional quarterly dividends totaling $0.12 per share, all of which were declared in the first quarter of 2022 and paid on March 31, 2022, June 30, 2022, September 30, 2022 and December 29, 2022.

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Debt Capital Activities

Our debt obligations consisted of the following as of September 30, 2024 and December 31, 2023:

			As of
			September 30, 2024																		December 31, 2023
(in millions)			Total Aggregate Principal Amount Available/ Outstanding(1)						Principal Amount Outstanding						Carrying Value						Total Aggregate Principal Amount Available/ Outstanding(1)						Principal Amount Outstanding						Carrying Value
Revolving Credit Facility			$	4,513		(2)			$	1,713					$	1,713					$	4,758		(2)			$	1,413					$	1,413
Revolving Funding Facility			1,775						822						822						1,775						863						863
SMBC Funding Facility			800			(3)			492						492						800			(3)			401						401
BNP Funding Facility			1,265						784						784						865						575						575
2024-1 CLO Notes(4)			476						476						473			(5)			—						—						—
2024 Convertible Notes			—						—						—			(5)			403						403						402			(5)
June 2024 Notes			—						—						—			(5)			900						900						899			(5)
March 2025 Notes			600						600						600			(5)			600						600						599			(5)
July 2025 Notes			1,250						1,250						1,252			(5)			1,250						1,250						1,255			(5)
January 2026 Notes			1,150						1,150						1,148			(5)			1,150						1,150						1,146			(5)
July 2026 Notes			1,000						1,000						995			(5)			1,000						1,000						993			(5)
January 2027 Notes			900						900						909			(5)(6)			900						900						905			(5)(6)
June 2027 Notes			500						500						496			(5)			500						500						495			(5)
June 2028 Notes			1,250						1,250						1,248			(5)			1,250						1,250						1,247			(5)
March 2029 Notes			1,000						1,000						1,005			(5)(6)			—						—						—
July 2029 Notes			850						850						871			(5)(6)			—						—						—
November 2031 Notes			700						700						692			(5)			700						700						691			(5)
Total			$	18,029					$	13,487					$	13,500					$	16,851					$	11,905					$	11,884

________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.

(2)Provides for a feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $6.7 billion and $7.1 billion, as of September 30, 2024 and December 31, 2023, respectively.

(3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $1.0 billion.

(4)Excludes the CLO Subordinated Notes (as defined below), which were retained by us and, as such, are eliminated in consolidation. See “Debt Securitization” below for more information.

(5)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In March 2024, we repaid in full the 2024 Convertible Notes (as defined below) upon their maturity. In June 2024,we repaid in full the June 2024 Notes (as defined below) upon their maturity.

(6)The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes (each as defined below) as of September 30, 2024 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes as of December 31, 2023 includes an adjustment as a result of an effective hedge

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accounting relationship. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information.

 The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our debt outstanding as of September 30, 2024 were 5.2% and 3.5 years, respectively, and as of December 31, 2023 were 4.8% and 3.0 years, respectively. The weighted average stated interest rate of all our debt outstanding as of September 30, 2024 and December 31, 2023 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on the interest rate swaps.

 

The ratio of total principal amount of debt outstanding to stockholders’ equity as of September 30, 2024 was 1.06:1.00 compared to 1.07:1.00 as of December 31, 2023.

 

Revolving Credit Facility

 

We are party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”), that allows us to borrow up to $4.5 billion at any one time outstanding. The Revolving Credit Facility consists of a $3.4 billion revolving tranche and a $1.1 billion term loan tranche. As of September 30, 2024, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:

(in millions)			Total Aggregate Principal Amount Committed/ Outstanding						End of Revolving Period						Maturity Date
Revolving tranche			$	3,024					April 12, 2028						April 12, 2029
			269						March 31, 2026						March 31, 2027
			107						March 31, 2025						March 31, 2026
			3,400
Term loan tranche			974												April 12, 2029
			70												April 19, 2028
			41												March 31, 2027
			28												March 31, 2026
			1,113
			$	4,513

The Revolving Credit Facility also provides for a feature that allows us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $6.7 billion. The interest rate charged on the Revolving Credit Facility is based on SOFR (or an alternative rate of interest for certain loans, commitments and/or other extensions of credit denominated in Sterling, Canadian Dollars, Euros and certain other foreign currencies) plus a credit spread adjustment of 0.10% and an applicable spread of either 1.75% or 1.875% or an “alternate base rate” (as defined in the documents governing the Revolving Credit Facility) plus a credit spread adjustment of 0.10% and an applicable spread of either 0.75% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of September 30, 2024, the applicable spread in effect was 1.75%. We are also required to pay a letter of credit fee of either 2.00% or 2.125% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. Additionally, we are required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. As of September 30, 2024, there was $1.7 billion outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility.

Revolving Funding Facility

 

We and our consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), are party to a revolving funding facility (as amended, the “Revolving Funding Facility”), that allows Ares Capital CP to borrow up to $1.8 billion at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are December 29, 2024 and December 29, 2026, respectively. The interest rate charged on the Revolving Funding Facility is based on SOFR plus a credit spread adjustment of 0.10% or a “base rate” (as defined in the documents governing the Revolving

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Funding Facility) plus an applicable spread of 1.90% per annum. Ares Capital CP is also required to pay a commitment fee of between 0.50% and 1.25% per annum depending on the size of the unused portion of the Revolving Funding Facility. As of September 30, 2024, there was $822 million outstanding under the Revolving Funding Facility and we and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility. See “Recent Developments,” as well as Note 14 to our consolidated financial statements for the three and nine months ended September 30, 2024, for a subsequent event relating to the Revolving Funding Facility.

SMBC Funding Facility

 

We and our consolidated subsidiary, Ares Capital JB Funding LLC (“ACJB”), are party to a revolving funding facility (as amended, the “SMBC Funding Facility”), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to $800 million at any one time outstanding. The SMBC Funding Facility also provides for a feature that allows ACJB, subject to receiving certain consents, to increase the overall size of the SMBC Funding Facility to $1.0 billion. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are March 28, 2027 and March 28, 2029, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement. The interest rate charged on the SMBC Funding Facility is based on an applicable spread of either (i) 2.50% over one month SOFR or (ii) 1.50% over a “base rate” (as defined in the documents governing the SMBC Funding Facility). ACJB is also required to pay a commitment fee of between 0.50% and 1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility. As of September 30, 2024, there was $492 million outstanding under the SMBC Funding Facility and we and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility.

  

BNP Funding Facility

 

We and our consolidated subsidiary, ARCC FB Funding LLC (“AFB”), are party to a revolving funding facility (as amended, the “BNP Funding Facility”) with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to borrow up to $1,265 million at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are July 26, 2027 and July 26, 2029, respectively. The reinvestment period and the stated maturity date are both subject to a one-year extension by mutual agreement. The interest rate charged on the BNP Funding Facility was based on applicable SOFR, or a “base rate” (as defined in the documents governing the BNP Funding Facility) plus a margin of (i) 2.10% during the reinvestment period and (ii) 2.60% following the reinvestment period. As of September 30, 2024, the applicable spread in effect was 2.10%. AFB is required to pay a commitment fee of between 0.00% and 1.25% per annum depending on the size of the unused portion of the BNP Funding Facility. As of September 30, 2024, there was $784 million outstanding under the BNP Funding Facility and we and AFB were in compliance in all material respects with the terms of the BNP Funding Facility.

Debt Securitization

2024-1 CLO Notes

In May 2024, we, through our wholly owned consolidated subsidiary, Ares Direct Lending CLO 1 LLC (“ARCC CLO I”), completed a $702 million term debt securitization (the “2024 Debt Securitization”). The 2024 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by us, which is consolidated by us for financial reporting purposes and subject to our overall asset coverage requirement. The notes offered in the 2024 Debt Securitization (collectively, the “2024-1 CLO Notes”) were issued by ARCC CLO I pursuant to the indenture governing 2024-1 CLO Notes (the “CLO Indenture”) and include (i) $406 million of Class A Senior Floating Rate Notes (the “Class A CLO Notes”); (ii) $70 million of Class B Senior Floating Rate Notes (the “Class B CLO Notes” and, together with the Class A CLO Notes, the “CLO Secured Notes”); and (iii) $226 million of Subordinated Notes (the “CLO Subordinated Notes”). We retained all of the CLO Subordinated Notes, as such, the CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the 2024-1 CLO Notes as of September 30, 2024 (dollar amounts in millions):

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Class

Type

Principal Outstanding

Maturity Date

Interest Rate

Credit Rating

Class A CLO Notes

Senior Secured Floating Rate

$

406

April 25, 2036

SOFR+1.80%

AAA(sf)

Class B CLO Notes

Senior Secured Floating Rate

70

April 25, 2036

SOFR+2.20%

AA(sf)

Total CLO Secured Notes

476

CLO Subordinated Notes

Subordinated

226

April 25, 2036

None

Not Rated

Total 2024-1 CLO Notes

$

702

The CLO Secured Notes are the secured obligation of ARCC CLO I and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ARCC CLO I pursuant to the terms of a contribution agreement. The interest rate charged on the CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.86%. The CLO Subordinated Notes, which were retained by us, are the unsecured obligations of ARCC CLO I.

Our investment adviser serves as asset manager to ARCC CLO I under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. Our investment adviser has waived its right to receive such fees but may rescind such waiver with respect to the CLO Secured Notes at any time.

See “Recent Developments,” as well as Note 14 to our consolidated financial statements for the three and nine months ended September 30, 2024 for a subsequent event relating to an additional term debt securitization.

2024 Convertible Unsecured Notes

 

In March 2024, we repaid in full the $403 million in aggregate principal amount of unsecured convertible notes which bore interest at a rate of 4.625% per year, payable semi-annually (the “2024 Convertible Notes”) upon their maturity, resulting in a realized loss on extinguishment of debt of $14 million. In accordance with the indenture governing the 2024 Convertible Notes, we settled the repayment of the 2024 Convertible Notes with a combination of cash and shares of our common stock. Approximately $393 million of aggregate principal amount was settled with approximately 20 million shares of our common stock and the remaining $10 million was settled with available cash.

Unsecured Notes

 

We issued certain unsecured notes (each issuance of which is referred to herein using the “defined term” set forth under the “Unsecured Notes” column of the table below and collectively referred to as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of September 30, 2024 are listed below.

(dollar amounts in millions) Unsecured Notes			Aggregate Principal Amount Issued						Effective Stated Interest Rate						Original Issuance Date						Maturity Date
March 2025 Notes			$	600					4.250%						January 11, 2018						March 1, 2025
July 2025 Notes			$	1,250					3.250%						January 15, 2020						July 15, 2025
January 2026 Notes			$	1,150					3.875%						July 15, 2020						January 15, 2026
July 2026 Notes			$	1,000					2.150%						January 13, 2021						July 15, 2026
January 2027 Notes(1)			$	900					7.678%						August 3, 2023						January 15, 2027
June 2027 Notes			$	500					2.875%						January 13, 2022						June 15, 2027
June 2028 Notes			$	1,250					2.875%						June 10, 2021						June 15, 2028
March 2029 Notes(1)			$	1,000					7.223%						January 23, 2024						March 1, 2029
July 2029 Notes(1)			$	850					6.740%						May 13, 2024						July 15, 2029
November 2031 Notes			$	700					3.200%						November 4, 2021						November 15, 2031

________________________________________

(1)The effective stated interest rates of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes include the impact of interest rate swaps.

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In June 2024, we repaid in full the $900 million in aggregate principal amount outstanding of unsecured notes (the “June 2024 Notes”) upon their maturity. The June 2024 Notes bore interest at a rate of 4.200% per annum, payable semi-annually.

In connection with certain of the unsecured notes issued by us, we have entered into interest rate swap agreements to more closely align the interest rates of such liabilities with our investment portfolio, which consists primarily of floating rate loans. We designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. Certain information related to our interest rate swap instruments as of September 30, 2024 is presented below.

(dollar amounts in millions) Description						Hedged Item						Company Receives						Company Pays												Maturity Date						Notional Amount
Interest rate swap						January 2027 Notes						7.000		%				SOFR +2.581%												January 15, 2027						$	900
Interest rate swap						March 2029 Notes						5.875		%				SOFR +2.023%												March 1, 2029						$	1,000
Interest rate swap						July 2029 Notes						5.950		%				SOFR +1.643%												July 15, 2029						$	850

See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our debt obligations.

As of September 30, 2024, we were in compliance in all material respects with the indentures governing the Unsecured Notes.

The Unsecured Notes are our senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

RECENT DEVELOPMENTS

On October 8, 2024, we and Ares Capital CP entered into an agreement to amend the Revolving Funding Facility. The amendment, among other things, (a) increased the commitments under the Revolving Funding Facility from $1,775 million to $2,150 million, (b) extended the end of the reinvestment period from December 29, 2024 to October 8, 2027, (c) extended the stated maturity date from December 29, 2026 to October 8, 2029 and (d) adjusted the interest rate charged on the Revolving Funding Facility from an applicable SOFR plus a credit spread adjustment of 0.10% or a “base rate” plus an applicable spread of 1.90% per annum to an applicable SOFR or a “base rate” (as defined in the documents governing the Revolving Funding Facility) plus an applicable spread of 2.00% per annum and with no credit spread adjustment. The other terms of the Revolving Funding Facility remained materially unchanged.

In October 2024, we, through a wholly owned and consolidated subsidiary, priced a $544 million term debt securitization. The transaction is expected to close in November 2024, subject to customary closing conditions. A term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by us, which is consolidated by us and subject to our overall asset coverage requirement.

From October 1, 2024 through October 24, 2024, we made new investment commitments of approximately $408 million, of which approximately $320 million were funded. Of the approximately $408 million in new investment commitments, 55% were in first lien senior secured loans, 19% were in senior subordinated loans and 26% were in our subordinated loan investment in IHAM. All of the approximately $408 million in new investment commitments were floating rate. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 10.8% and the weighted average yield on total investments funded during the period at amortized cost was 10.8%. We may seek to sell all or a portion of these new investment commitments, although there can be no assurance that we will be able to do so.

From October 1, 2024 through October 24, 2024, we exited approximately $1.2 billion of investment commitments, including $458 million of loans sold to IHAM or certain vehicles managed by IHAM. Of the approximately $1.2 billion of exited investment commitments, 60% were first lien senior secured loans, 28% were second lien senior secured loans, 1% were subordinated certificates of the SDLP and 11% were our subordinated loan investment in IHAM. All of the approximately $1.2

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billion of exited investment commitments were floating rate. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 11.3% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 11.3%. Of the approximately $1.2 billion of investment commitments exited from October 1, 2024 through October 24, 2024, we recognized total net realized gains of approximately $4 million, with no realized gains or losses recognized from the sale of loans to IHAM or certain vehicles managed by IHAM.

In addition, as of October 24, 2024, we had an investment backlog of approximately $2.8 billion. Investment backlog includes transactions approved by our investment adviser’s investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore we believe are likely to close. The consummation of any of the investments in this backlog depends upon, among other things, one or more of the following: satisfactory completion of our due diligence investigation of the prospective portfolio company, our acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, we may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. We cannot assure you that we will make any of these investments or that we will sell all or any portion of these investments.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in “Item 1A. Risk Factors.” See Note 2 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our critical accounting policies.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Pursuant to Rule 2a-5 under the Investment Company Act, our board of directors designated our investment adviser as our valuation designee (the “Valuation Designee”) to perform the fair value determinations for investments held by us without readily available market quotations, subject to the oversight of our board of directors. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of our investments) are valued at least quarterly at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our board of directors, based on, among other things, the input of our independent third‑party valuation providers (“IVPs”) that have been engaged to support the valuation of such portfolio investments at least once during a trailing 12‑month period (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter by the Valuation Designee, and a portion of our investment portfolio at fair value is subject to review by an IVP each quarter, as discussed further below. However, we may use these IVPs to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our valuation process within the context of performing our integrated audit.

 

As part of the valuation process, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant

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factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate the valuation.

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by the Valuation Designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

The Valuation Designee, subject to the oversight of our board of directors, undertakes a multi‑step valuation process each quarter, as described below:

•Our quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with our portfolio management and valuation team.

•Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee.

•For portfolio investments selected for review by an IVP,

◦Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information.

◦The IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for each of the selected portfolio investments.

◦The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations.

•The valuation committee of the Valuation Designee determines the fair value of each investment in our portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable.

•For portfolio investments selected for review by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for a selected portfolio investment is within the range of values independently calculated by such IVP.

Fair Value of Financial Instruments

We follow ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

We also follow ASC 820-10, which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an

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orderly transaction between market participants on the measurement date. ASC 820-10 requires us to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, we have considered its principal market as the market in which we exit our portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

•Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

•Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by our board of directors in connection with their designation of our investment adviser as the valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10. Consistent with its valuation policies and procedures, the Valuation Designee evaluates the source of inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in our portfolio, the fair value of the investments must typically be determined using unobservable inputs.

Our portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where we have control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where we do not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to the risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

For other portfolio investments such as investments in the SDLP Certificates and IHAM, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements.

See Note 8 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our valuation process.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the fluctuations in global interest rates, inflationary pressures, the Russia-Ukraine war and more recently the ongoing conflicts in the Middle East introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For more information concerning these risks and their potential impact on our business and our operating results, see “Risk Factors—General Risk Factors—Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations”, “Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results” and “Risk Factors—Risks Relating to Our Business—Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 7, 2024.

Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors based on, among other things, the input of the independent third-party valuation firms that have been engaged to support the valuation of each portfolio investment without a readily available market quotation at least once during a trailing 12-month period (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” as well as Notes 2 and 8 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information relating to our investment valuation.

Interest Rate Risk

 

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See “Risk Factors—Risks Relating to Our Business—We are exposed to risks associated with changes in interest rates, including the current rising interest rate environment” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 7, 2024.

 

In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of September 30, 2024, 69% of the investments at fair value in our portfolio bore interest and dividends at variable rates (including our investment in the SDLP Certificates which accounted for 5% of our total investments at fair value), 14% bore interest at fixed rates, 9% were non-income producing, 1% were on non-accrual status and 7% was our equity investment in IHAM which generally pays a quarterly dividend. Additionally, excluding our investment in the SDLP Certificates, 99% of the remaining variable rate investments at fair value contained interest rate floors. The Facilities and the 2024-1 CLO Notes bear interest at variable rates with no interest rate floors. The Unsecured Notes bear interest at fixed rates, except that the January 2027 Notes, the March 2029 Notes and the July 2029 Notes have been swapped from a fixed rate to a floating rate through interest rate swaps. See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our debt obligations. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on the interest rate swaps.

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We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

Based on our September 30, 2024 balance sheet, the following table shows the annualized impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

(in millions) Basis Point Change						Interest and Dividend Income						Interest Expense(1)						Net Income(2)
Up 300 basis points						$	541					$	211					$	330
Up 200 basis points						$	360					$	141					$	219
Up 100 basis points						$	180					$	70					$	110
Down 100 basis points						$	(179)					$	(70)					$	(109)
Down 200 basis points						$	(359)					$	(141)					$	(218)
Down 300 basis points						$	(536)					$	(211)					$	(325)

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(1)Includes the impact to interest expense related to the interest rate swaps.

(2)Excludes the impact of the income based fee. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on the income based fee.

Item 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a‑15(e) and 15d‑15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2024, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act) during the quarter ended September 30, 2024 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1.    Legal Proceedings

    

From time to time, we, our executive officers, directors and our investment adviser, its affiliates and/or any of their respective principals and employees are subject to legal proceedings, including those arising from our investments in our portfolio companies, and as a result, incur significant costs and expenses in connection with such legal proceedings. Legal proceedings may increase to the extent we find it necessary to foreclose or otherwise enforce remedies with respect to loans that are in default, which borrowers may seek to resist by asserting counterclaims and defenses against us or our investment adviser.

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We and our investment adviser are also subject to extensive regulation, which, from time to time, results in requests for information from us or our investment adviser or regulatory proceedings or investigations against us or our investment adviser, respectively. We incur significant costs and expenses in connection with any such information requests, proceedings and investigations.

Item 1A.     Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

 

在本报告涵盖的期间内，我们没有出售任何未根据《证券法》登记的股权证券。

股息再投资计划

在截至2024年9月30日的季度内，作为我们普通股股东股息再投资计划的一部分，我们没有在公开市场上购买普通股股份以满足股息的再投资部分。

股票回购计划

2024年1月，我们的董事会批准了对我们现有股票回购计划的修正案，将该计划的到期日从2024年2月15日延长至2025年2月15日。根据该计划，我们可以根据交易法第100亿18条规定的指导方针，以低于我们每股资产净值的某些门槛在公开市场回购最多10美元的已发行普通股。任何股份回购的时间、方式、价格和金额将由我们根据对经济和市场状况、股票价格、适用的法律和法规要求以及其他因素的评估，自行决定。股票回购计划将一直有效到2025年2月15日，除非延长或直到批准的美元金额用于回购股票。股票回购计划根本不要求我们回购任何特定数量的普通股或任何普通股。因此，我们不能向股东保证将根据股票回购计划回购任何特定数量的普通股。该计划可能会在任何时候暂停、延长、修改或终止。

截至2024年9月30日的季度，我们的股票回购计划没有回购我们的普通股。截至2024年9月30日，根据该计划可能购买的股票的大约美金价值为10日元。

项目3. 优先证券

 

不适用因

项目4. 矿山安全披露

 

不适用因

项目5. 其他信息

规则10 b5 -1交易计划

在截至2024年9月30日的财政季度，我们的董事或高管均未 通过或终止 购买或出售我们证券的任何合同、指示或书面计划，以满足规则10 b5 -1（c）或任何「非规则10 b5 -1通知安排」的肯定抗辩条件。

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项目6. 展品

 展品索引

号证物						描述
3.1						经修订的修订和重述细则(通过参考公司于2023年4月25日提交的Form 10-Q(档案号814-00663)截至2023年3月31日的季度的附件3.1并入)。
3.2						第三，经修订及重订的附例，经修订(于2019年2月12日提交的本公司截至2018年12月31日止年度的10-k表格附件3.2(档案号：814-00663))。
10.1						截至2024年7月25日，ARCC FB Funding LLC作为借款人和不时的贷款人，法国巴黎银行作为行政代理和贷款人，Ares Capital Corporation作为股权持有人和服务机构，以及美国银行全国协会作为抵押品代理(通过引用公司于2024年7月30日提交的10-Q表格(文件编号814-00663)的附件10.6并入)，对回圈信贷和担保协定进行了第八次修订。
10.2						《贷款和服务协定修正案》第17号，日期为2024年10月8日，在Ares Capital CP Funding LLC之间，作为借款人，Ares Capital Corporation作为服务机构，富国银行全国协会作为代理人，富国银行全国协会作为贷款人，富国银行全国协会作为贷款人，美国银行，N.A.作为贷款人，Samding Livsforsikring A/S作为贷款人，Arkitekternes Pensionskasse作为贷款人，Pensionskassen for Jordan brugsakadhemkere og Dylæger作为贷款人，Pensionskassen for Teknikum Diplomeniører作为贷款人，加拿大帝国商业银行作为贷款人，美国银行信托公司，全国协会作为贷款人作为受托人和美国全国银行协会，作为银行和抵押品托管人(通过参考公司于2024年10月11日提交的8-k表格第10.1号档案(文件编号814-00663)合并)。
10.3						Ares Capital Corporation、Ares Capital Management LLC、Ares Operations LLC和Truist Securities，Inc.之间的股权分配协定，日期为2024年7月30日(通过参考2024年7月30日提交的公司8-k表格附件10.1(文件编号814-00663)合并)。
10.4						Ares Capital Corporation、Ares Capital Management LLC、Ares Operations LLC和Jefferies LLC之间的股权分配协定，日期为2024年7月30日(通过参考2024年7月30日提交的公司8-k表格附件10.2(文件编号814-00663)合并)。
10.5						Ares Capital Corporation、Ares Capital Management LLC、Ares Operations LLC和Mizuho Securities USA LLC之间的股权分配协定，日期为2024年7月30日(通过参考2024年7月30日提交的公司8-k表格附件10.3(文件编号814-00663)合并)。
10.6						Ares Capital Corporation、Ares Capital Management LLC、Ares Operations LLC和RBC Capital Markets LLC之间的股权分配协定，日期为2024年7月30日(通过参考2024年7月30日提交的公司8-k表格附件10.4(文件编号814-00663)合并)。
10.7						Ares Capital Corporation、Ares Capital Management LLC、Ares Operations LLC和Regions Securities LLC之间的股权分配协定，日期为2024年7月30日(通过参考2024年7月30日提交的公司8-k表格附件10.5(文件编号814-00663)合并)。
31.1						首席执行官根据2002年萨班斯-奥克斯利法案第302节通过的交易所法案规则13a-14(A)的证明*
31.2						首席财务官根据2002年萨班斯-奥克斯利法案第302节通过的交易所法案规则13a-14(A)的证明*
32.1						根据2002年《萨班斯-奥克斯利法案》第906节通过的《美国法典》第18编第1350节规定的首席执行官和首席财务官的证明**
101.INS						内联XBRL实例文档-实例文档不显示在交互数据档案中，因为XBRL标记嵌入在内联XBRL文档中。
101.SCH						内联MBE分类扩展架构文档
101.CAL						内联MBE分类扩展计算Linkbase文档
101.DEF						内联MBE分类扩展定义Linkbase文档
101.LAB						内联MBE分类扩展标签Linkbase文档
101.PRE						Inline MBE分类扩展演示Linkbase文档
104						封面交互式数据文件（嵌入Inline DatabRL文档中）

 ________________________________________

* 一起提交

** 该认证不被视为由SEC提交，并且不会以引用的方式纳入我们根据《证券法》或《交易法》提交的任何文件中，无论任何文件中的任何通用注册语言如何。

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签名

 

根据1934年证券交易法的要求，登记人已正式促使以下正式授权的签署人代表其签署本报告。

  

			ARES Capital Corporation
日期：2024年10月30日			通过			/s/ R。基普恶魔
						R.基普·德维尔 执行长
日期：2024年10月30日			通过			/s/ SCOTt C. LEM
						斯科特·C Lem 财务长兼财务主管
日期：2024年10月30日			通过			/s/ Paul CHO
						保罗·赵 首席会计官

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